Coronavirus update – Deferment of July 2020 Payment on AccountHM Treasury have recently released an update on the option for a taxpayer to defer their second Self-Assessment Payment on Account which would usually be due by 31 July 2020.What is it?The Self- Assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until January 2021.Who is eligible?The eligibility criteria for the deferment has now been extended. When the policy was originally announced, it was intended to only apply to those taxpayers who were self-employed.However updated guidance now states that any taxpayer who would be due to pay a self- assessment payment on account on 31 July 2020 are now eligible for the deferment.The deferment is intended to assist self-assessment taxpayers, including those who are self-employed and property landlords, who are suffering hardship as a result of the coronavirus.The deferment is optional and any persons still able to pay their second self-assessment payment on account on 31 July 2020 should still do so. How is it accessed it?This is an automatic offer with no applications required. No penalties or interest for late payment will be charged if the July 2020 payment on account is deferred until January 2021.The full tax liability arising for the 2019/20 tax year is still expected to be settled, in full, by 31 January 2021 as normal.HMRC have also scaled up their Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of coronavirus and have outstanding tax liabilities.When can it be accessed?On 31 July 2020 when your self-assessment payment on account, ordinarily due to be paid on that date, may be deferred until 31 January 2021.Can’t find what you’re looking for?Contact a member of our team today.enquiries@vantagefeeprotect.com Contact us Get a Quote Call 0116 274 9123