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HMRC has updated its guidance for taxpayers who deferred their second payment on account for 2019-20.
If they pay the deferred July 2020 tax by 31 January 2021, there will be no interest or penalty on the deferred amounts.
HMRC has also confirmed that it will not charge individuals and businesses daily penalties for late filing of 2018-19 tax returns. This is in recognition of the exceptional circumstances caused by the coronavirus pandemic.
The mandatory six and 12-month penalties will apply for 2018-19 returns as normal. HMRC will also accept coronavirus as a reasonable excuse for missing return deadlines.
