Self-assessment taxpayers have been given even longer to pay all the taxes due by 31 January 2021 made up of:
- 2019/2020 Second payment on account due 31 July 2020
- 2019/2020 Balancing payment
- 2019/2020 Capital Gains tax
- 2020/2021 First payment on account
If your total tax due does not exceed £30,000, you can request for this to be spread over 12 monthly instalments ending on 31 January 2022. This will automatically be agreed by HMRC. No interest or penalties will be charged during this period.
If the total tax due exceeds £30,000, you will need to agree a bespoke payment plan with HMRC which could include a longer time to pay arrangement.