To help those affected by Coronavirus, taxpayers could delay paying their payments.
Deferred July 2020 self-assessment payment
To help those affected by Coronavirus, taxpayers could delay paying their second self-assessment payment on account for 2019/20, which normally would have been due by 31 July 2020. Under the original proposals, the deferred tax was due to have been paid by 31 January 2021. However, it has now been announced that self-assessment taxpayers who need more time to pay will be able to spread their outstanding tax bill over 12 months from January 2021.
It should be noted that other liabilities will fall due within this period, and it will be necessary to budget for these, as well as any deferred tax which has to be paid.
Speak to us to find out what your tax liabilities are so you can budget for your payments.
Paying deferred VAT
VAT-registered businesses were able to defer VAT due between 20 March 2020 and 30 June 2020. The deferred VAT is due to be paid by 31 March 2021. However, under the New Payment Scheme, payments can instead be made in equal instalments up to 31 March 2022 VAT due after 30 June 2020 must be paid in full and on time as normal.
Speak to us to find out what you need to pay and by when.
Struggling to pay tax?
If you are struggling to pay the tax that you owe in full and on time, help is available. You can set up a time to pay arrangement with HMRC, which will allow you to spread the payments over a number of months.