In the Spring many people with tax liabilities took the option to defer their second payment on account. This meant that for the 2019-2020 tax year payments due on 31 July 2020 were deferred to 31 January 2021.
People had the option to defer this payment on account if:
- you were registered in the UK for Self Assessment and
- you were finding it difficult to make that payment by 31 July 2021 due to the impact of Coronavirus.
The current deadline to pay this deferred amount is 31 January 2021. Payment after this fast approaching deadline may result in interest and late payment penalties.
Full details of how to pay or who to talk to at HMRC if you are still experiencing financial issues due to the impact of Coronavirus can be found at: https://www.gov.uk/guidance/defer-your-self-assessment-payment-on-account-due-to-coronavirus-covid-19.
Please be aware that penalties and late interest may still be charged on outstanding amounts not paid by 31 January 2021. If you know you will have problems making the payment, please get in touch with HMRC to discuss your options.