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Pay now or later?
Key points
- Deferring payment of the 31 July tax bill is optional.
- Determining who should not use the deferral.
- Partners pay tax on the partnership’s profits as self-employed income.
- Does the partnership agreement permit tax deferral?
We are told on a daily basis: we are living in unprecedented times. Coronavirus has had a huge impact on the UK economy and our everyday lives. Given the key importance of taxation it is not surprising that early coronavirus government announcements related to tax. The one that I am concerned with as it appeared on the HMRC website stated:
‘Deferring self-assessment payments on account
‘If you are due to pay a self-assessment payment on account by 31 July 2020 you can defer payment up until January...
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