Blogs/Vlogs

COVID-19: Self-assessment payments

27 March 2020

In our previous blog, we highlighted the measures announced to defer payment of July 2020 self-assessment tax payments to January 2021.

Initial guidance indicated that eligibility for deferral was subject to the individual being self-employed.  It has subsequently been confirmed that any individual due to make a July 2020 self-assessment tax payment on account may defer.

As before, this is an automatic offer with no application required, and no penalties or interest will be charged if you defer payment until January 2021.  The deferment is however optional, and if you are in a position to make your second payment on account in July 2020 then you are encouraged to do so.

Note that if you pay your self-assessment liability by direct debit and wish to defer payment of the July 2020 instalment then you should cancel the direct debit.

HMRC have scaled up their Time to Pay offer to all firms and individuals with outstanding tax liabilities who are facing financial difficulty as a result of COVID-19.  Further details can be found here.

We are constantly reviewing the latest guidance and updates from HMRC, to keep you informed.  Please get in touch with your usual UHY contact if you require any support during this period.

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