Self Assessment

The HMRC have recently announced that people can delay their second self-assessment payment for the 2019/20 tax year should they need to. For all those UK taxpayers who should be making a self-assessment payment on, or before, 31^st July 2020, but are unable to do so, due to the current impact of coronavirus, they can now defer their payment.

Of course, payments can still be made on time, but if they need to be deferred then the HMRC will not charge interest or issue any penalties providing that the amount due is subsequently paid on, or before, 31^st January 2021. There is no requirement to tell the HMRC that you are deferring, and it will not have an impact on your entitlement to any other coronavirus support provided by the HMRC.

Anybody choosing to delay payment to January 2021 should be aware that they will also have these other payments to account for:

• All outstanding payments (balances) for 2019 to 2020 tax year
• First payment on account due for 2020 to 2021 tax year

To ensure you are fully aware of your financial commitments we recommend that you follow this link and log in to your HMRC account – https://www.gov.uk/understand-self-assessment-bill/payments-on-account.

Although payments can be deferred, a self-assessment tax return must be submitted on time to the HMRC. You can follow this link to file your self-assessment or feel free to call our team on 01173 700 079 – https://www.gov.uk/log-in-file-self-assessment-tax-return.

For payment purposes you can set-up a direct debit, pay in instalments or pay in 1 lump sum.  If you have any questions or need some assistance then please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk