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Partnership deferral of self-assessment payments

02 June 2020 / Tim Parr
Issue: 4746 / Categories: Comment & Analysis
21751
Pay now or later?

We are told on a daily basis: we are living in unprecedented times. Coronavirus has had a huge impact on the UK economy and our everyday lives. Given the key importance of taxation it is not surprising that early coronavirus government announcements related to tax. The one that I am concerned with as it appeared on the HMRC website stated:

‘Deferring self-assessment payments on account

‘If you are due to pay a self-assessment payment on account by 31 July 2020 you can defer payment up until January 2021. You will not be charged any interest or penalties during the deferral period.

‘You do not need to be self-employed to be eligible for the deferment.

‘The deferment is optional. If you are still able to pay your second payment on 31 July you should do so.

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