Editors Note: This is applicable to payments on account due to be made in July 2020.
If you make Self-Assessment payments on account and are due to make a payment in July 2020, then you have the option to defer payment until January 2021. Further information available on Gov.uk.
If you are in financial difficulty because of COVID-19 and you choose to defer, then you simply do not pay the amount due in July. There isn’t an application process – if HMRC doesn’t receive your payment they will automatically treat it as a deferral and no interest or penalties will be charged on deferred payments, provided it is paid in full by 31 January 2021.
With help filing your self-assessment tax returns, get in touch with our team at SAIL.