Self Assessment Landlords Can Defer July Payment
Self assessment tax-paying buy-to-let landlords who have been hit hard by the Coronavirus, are being allowed to defer their July tax payment on account.
There are many self-assessment tax-paying landlords who may not be aware of the HM Revenue and Customs latest updated guidance uploaded onto to its website, which is now allowing people to pay their tax due in July deferred until January 31st 2021.
The latest guidelines state that the extension of the payment date is only optional so anyone who can afford to pay their second self-assessment by the end of July, should do so.
Many people will need to take advantage of the extension date and will be safe in the knowledge that they will not incur any penalties or interest for late payment.
Katharine Arthur, partner of a Chartered Accountants firm, said: “HMRC have quietly adjusted the guidance but this is big news for individuals who don’t have the funds set aside for their July tax payment.
“The deferment will now assist all self-assessment taxpayers, not just the self-employed, who are suffering hardship as a result of the Coronavirus including those with rental and investment income.”