Self Assessment Payments Deferred

Posted: Apr 2, 2020

For taxpayers within the self-assessment regime the second payment on account for the 2019/20 tax year would be ordinarily due for payment by 31 July 2020.

self assessment payments

Because of the current situation surrounding Covid-19 HMRC have announced a deferral of the July payment to 31 January 2021.  The deferral of the July payment will, of course, increase the tax liability due for payment on 31 January 2021. Currently there no intention to defer the January 2021 balancing payment.

The deferment is intended to assist those who are suffering hardship as a result of Covid-19.  The deferment is optional and HMRC are requesting those who are still able to make payment on 31 July 2020 to do so as normal.

The deferral is automatic with no application required. HMRC will not charge penalties or late payment interest if the payment is deferred.

For more information, contact Fiona Wheeler fiona.wheeler@hurst.co.uk