Due to coronavirus it was possible to defer the Self assessment payment to HMRC due 31st July 2020.
For those that chose to defer due to the impact of coronavirus the tax owing should be paid in full by 31st January, 2021. No penalties or interest will be added as long as it is paid in full by that date.
Self assessment statements if you deferred
If you receive a Self Assessment statement before 31 January 2021 it may still show the deferred July 2020 payment on account as due and payable now.
You can still pay your deferred July 2020 payment on account any time up to 31 January 2021. You’ll not have interest or a penalty as long as you pay in full by that date.
Some statements may also show interest accruing if you have any payments on account. This interest will only apply to those other payments, not your deferred July 2020 payment on account.
If you’ve submitted your 2019 to 2020 return before you got your June 2020 statement
Your June 2020 Self Assessment statement will only show the revised due date for the July 2020 payment on account, plus any payments due in the next 45 days.
If you submit your 2019 to 2020 return before the December 2020 statements are issued
Your December statement will show all payments due on 31 January 2021, these could be:
- your deferred July 2020 payment on account (if it remains unpaid)
- any 2019 to 2020 balancing charge
- your first 2020 to 2021 payment on account
You can pay your deferred payment in full anytime between now and 31st January 2021 here.
Or if your 2019/20 self assessment has been submitted and you need to arrange to pay via monthly installments read our blog for further information.
If you would like AJR & Co Ltd to handle your Self assessment for 2019/20 contact us to arrange a chat.