Questions and Answers
I have the second payment on account of my tax due on 31st July but money is tight, what are my options?
One of the measures that the Government has put in place to help throughout this pandemic is to allow people the option of deferring this payment, without incurring any interest or penalties.
There is no need to apply to take advantage of this as HM Revenue and Customs has stated that as long as the deferred payment is paid no later than 31st January 2021, no interest or penalties will be charged.
Deferring your second payment on account will help with cash flow right now but make sure you plan for this cost as it will be payable in the future alongside any balancing payments also due 31st January 2021.
For our latest COVID-19 news and guidance for your business, visit our dedicated Coronavirus Hub.
We will be updating it regularly as we continue to monitor and digest all the latest information
Date published 28 Jul 2020 | Last updated 28 Jul 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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