Deferring July’s income tax payment

The imminent payment on account does not have to be paid.

The last Friday in July is the due date for the second 2019/20 self assessment payment on account. At least, in theory it is…

One of the many measures introduced by the government as part of its Covid-19 programme was the option to defer that second payment. In mid-May HMRC issued guidance on how deferral would operate:

HMRC’s guidance says: “You can still make the payment by 31 July 2020 as normal if you’re able to do so”, which hardly sounds like compulsion for those unaffected by Covid-19.

Reductions to income caused by Covid-19 could also affect your tax bill in other ways:

If you have suffered a drop in income, it is worth checking with your financial adviser on which actions to take now and which can be left to come out in the final HMRC tax calculation.

The value of tax reliefs depends on your individual circumstances.

Tax laws can change. The Financial Conduct Authority does not regulate tax advice.

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