Income tax self assessment second payments on account are usually due by the 31 July 2020. HM Revenue & Customs are, however, allowing taxpayers to defer making their second payment on account if they would find it difficult to pay by 31 July 2020 due to the impact of coronavirus. This is an automatic offer with no applications required.
HMRC won’t charge any penalties or interest provided the second payment on account is actually paid by 31 January 2021. This is why a number of self assessment statements recently sent out are showing the payments becoming due on 31 January 2021 rather than 31 July 2020.
Delaying the payment is optional, and if you are able to settle your second payment on account by 31 July 2020, you can progress to do so as you normally would.
If you would like clarification, please contact a member of our Private Client Tax team on 01788 539000.