For any self-employed professional having difficulty paying their second 2019/20 payment on account, they will be able to automatically defer until 31st January 2021.
Usually due at the end of July, the government has said that the payment on account deferral will give immediate support to businesses and individuals by keeping cash at their disposal during this time of uncertainty.
Those wishing to defer will not need to contact HMRC in order to do so, as not paying their tax bill by 31st July 2020 will mean that it is automatically rescheduled for January next year.
HMRC will then update their systems to show payment has been deferred and no interest or penalties will be incurred (providing it is paid in full by the new due date).
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Email JaimeAngela MacDonald, HMRC’s Director General of Customer Services, said, “We want to support taxpayers as much as possible as they face uncertainty and difficult circumstances. That’s why we want to remind those who may struggle to pay a tax bill right now that they have the option to defer their Self-Assessment payment.
“They don’t need to do anything to take advantage of this deferral. By simply not paying, HMRC will know they have deferred and we will do the rest.”
To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
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