The Government has clarified its guidance in relation to the deferral of upcoming income tax payments. Originally it was only announced that the self-employed could defer their second payment on account for the 2019-20 tax year, with seemingly directors, landlords and other individuals still subject to the payment deadline. It has now been confirmed, however, that this deferral applies to anyone due to make a payment on account by 31 July 2020 and can instead be deferred until 31 January 2021 with no interest or penalties applied.
If you would still like to make your payment on account within the normal 31 July 2020 deadline, however, it will be possible to do so.
Tax return information requests should, or should shortly, be landing with our clients in respect of self-assessment returns for the 2019/20 tax year. For those self-isolating, or, with a bit more time at home at the moment, now could be a good time to gather the relevant information and get this ticked off your ‘to-do’ list. We can continue to prepare and file returns remotely and we can discuss any queries that you may have via email or phone.