Buy-to-let landlords suffering hardship as a result of the coronavirus pandemic can defer their July tax payment on account.
Research shows that not all self-assessment tax-paying landlords are aware that HM Revenue and Customs (HMRC) recently updated its guidance allowing people to benefit from an extension to the July payment date.
Consequently, anyone who is due to submit a self-assessment income tax payment on July 31, including those with rental and investment income, now has until January 31, 2021 to make this payment.
According to the guidance, this deferment is optional and anyone who is still able to pay their second self-assessment payment by the July deadline should still do so.
No penalties or interest for late payment will be charged in the deferral period.
Katharine Arthur, partner at Haysmacintyre, commented: “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.”