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News Update: Should You Pay Your July Payment on Account?

Usually, the 31st of July is the deadline to complete all your tax-related responsibilities. But this year, thanks to the coronavirus pandemic, the government is allowing for a deferment for your July Payment on Account.


This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice. 


You can postpone your payment on account until 31 January 2021 without interest or penalties. There’s no need to apply as deferral is automatic, however, it’s not the only option you have.


Pros for deferral

With the financial impact the lockdown has had on the country, many taxpayers would be happy to have more time to sort out their payments and use the cash they have on hand for more pressing matters.

Business owners and self-employed workers who might be experiencing hardship and could potentially owe tax can apply for a “Time to Pay” arrangement. The HMRC will wait a specified agreed-upon length of time for your deferral.

It might seem like the easy option, but if you’re in a position to pay your Payment on Account on time, the government is highly encouraging you to do so.


Pay as usual

It might be best to pay on time considering there’s no telling what the state of the economy will be by January and at that point, you’ll have another payment due as well. A double payment at the start of the year might be the last thing you need.

If you want to prioritise paying on time, there are alternative finance providers that could help you amortise your payments. Specialist lenders will be able to help you find a deal if that option is of interest.

It’s important to remember that even if you do defer payment you should still prepare your business accounts as soon as possible so you can attempt forecasting your January tax liability.


Get a little guidance

If this all seems like too much to handle on your own, we’re here to help. We’ll happily help you work out the best tax payment options with your full financial situation in mind. Don’t hesitate to get in touch with us today.


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