Further to my blog on 24th March, HMRC have now confirmed that the deferral of the payment on account due by 31st July 2020 can be deferred by everyone.
There is no longer the stipulation that you had to be self-employed so will apply to individuals, trusts and estates.
The deferral is until January 2021 but there will be no interest or penalties levied if you wait until January. It is automatic so you will not need to make a claim for deferral.
If you want to pay in July you can. But with uncertain times ahead the cash flow advantage of deferring may be too good to ignore.
You may also want to deal with your self-assessment return earlier than usual, as you could be due a repayment for 2019/20.
If you would like assistance with your return or wish to discuss any tax question please feel free to contact Marc Dorsett on 01245 228146 or dorsettm@gepp.co.uk.
