Guide East Devon business coronavirus update - 25 June 2020

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7. Delaying July Self Assessment tax bill

People who pay their tax through Self Assessment and who pay on account can delay their next payment due in July.

Anybody who has been affected by the coronavirus and who pays their tax in this way has the option to defer (delay) their July payment until 31 January 2021.

Those who want to delay payment do not need to tell HM Revenue and Customs (HMRC) or complete an application form. If HMRC do not receive the payment by 31 July 2020, they will automatically treat it as a deferred (delayed) payment. No interest or penalties will be charged, providing it is paid in full by 31 January 2021.

Delaying or deferring tax may not be the best option for everyone. It may be better for some to pay their tax in instalments. Guidance on GOV.​UK explains what deferral means and the options available.

https://www.gov.uk/guidance/defer-your-self-assessment-payment-on-account-due-to-coronavirus-covid-19