Further to the Chancellor’s announcement back in the spring, there have now been further developments to this scheme as you know.
Originally he announced that all personal tax payments due 31st July 2020 could be deferred to 31st January 2021, interest free with no election required.
Last week he announced that any tax due 31st January 2021, including that already deferred from July 2020, can be paid over an additional 12 months using HMRC’s Time to Pay facility.
To qualify, your tax liability needs to be less than £30,000. We assume this deferral will be interest free again but historically the Time to Pay facility hasn’t been interest free.
We will update you further when we have more information on the assumptions we have made above.
As always if you have any queries in regards to the above please do not hesitate to get in touch.
Telephone Number: 01392 360008