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HMRC reminder that you can defer tax

Source: HM Revenue & Customs | | 21/07/2020

HMRC has issued a press release to remind Self-Assessment taxpayers of the opportunity to defer Income Tax payments due on 31 July 2020. This opportunity is available to taxpayers due to make their second payment on account for the 2019-20 tax year that is ordinarily due at the end of this month. Taxpayers who take up this offer will see the payment due date deferred until 31 January 2021.

This is an automatic offer with no applications required. You can opt into the deferral offer by simply not paying your tax bill due by the 31 July 2020 due date. HMRC will then (we are told) automatically update their systems to show payment has been deferred and no interest or penalties will be incurred providing it is paid in full by 31 January 2021. You should also remember to cancel your direct debit if you have one setup to ensure that HMRC do not take the payment.

Remember, this is only a deferral and any tax owing will be due on 31 January 2021. This will be in addition to the usual final payment deadline for any remaining tax due for the 2019-20 tax year. In addition, the 31 January 2021 is also the payment date for any Capital Gains Tax due in relation to the 2019-20 tax year and the due date for the first payment on account for 2020-21.

If you do not wish to take advantage of this deferral you can continue to pay your tax bill as normal.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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