Setting up your ‘Personal Tax Account’

30th June 2017

As part of the move from Self-Assessment to Making Tax Digital (MTD), HMRC are encouraging taxpayers to set up their ‘Personal Tax Account’.
Once MTD is underway, the Personal Tax Account will be populated with taxable income from various sources, including employment/pension income, bank and building society interest, and dividends from quoted companies. The account will also enable taxpayers to access correspondence issued by HMRC.
Taxpayers will be able to grant access to the account to agents and/or family members, if they need assistance with their tax affairs.
Whilst further functions will be added to these accounts over time, it is already possible to:
– Check and change your address
– Review income and tax paid on employment and pension income
– Check and change your PAYE tax code(s)
– Check and update work benefits, e.g. company cars or medical insurance
– Check and update claims for Marriage Allowance
– Obtain a state pension forecast, and check your national insurance record
For clients that have a computer, we are recommending that they set up their Personal Tax Account now, ahead of MTD being implemented.
First-time setup can take around 15 minutes if you have not previously registered for the government gateway, as the process involves verifying your identity.
Full instructions and further information are available from www.gov.uk
– by searching for “personal tax account”
– or using the following address https://www.gov.uk/personal-tax-account
If you have any queries, or need any guidance in registering, please get in touch with your usual Whiting & Partner’s contact.



 
Other items in Blogs
 
Lisa Smith
2nd December 2020 Brexit – EU VAT Refund System – Don’t miss the deadline!

UK businesses can only use the EU VAT Refund System until  11 pm on 31 March 2021.  This means that claims for a refund of VAT incurred in other EU Member States for the year ended 31 December 2020 must be submitted by then.  Prior to Brexit the deadline was 30 September following the end…

Read More »

Ben Kilby
1st December 2020 New Version: KEYPrime Version 9.5

If you use the rural business software KEYPrime from Landmark Systems, look out for the new version of the software 9.5. What are some of the new features?   Batch Entry – A faster way to enter data New and improved – Diary function Store Web links to documentation (View documents saved to Auto-entry, Receipt…

Read More »

Jaimie King
30th November 2020 Utilising the share premium account

For some privately owned companies, negative profit and loss reserves means that they are unable to pay out dividends as they do not have enough distributable reserves. However, they might have a significant share premium reserve, which is a non-distributable reserve. The Companies Act 2006 allows a private company to utilise the share premium account…

Read More »

Chris Ridgeon
30th November 2020 Is DISS about to appear!

A Directors Income Support Scheme (DISS) is being recommended by a consortium of professional bodies to the Government.   The proposal would see this running along the same parameters as the Self-Employed Income Support Scheme (SEISS), updated details of which are now emerging from HMRC. Under the SEISS scheme sole traders and partners of partnership…

Read More »

Richard Alecock
30th November 2020 Making Tax Digital for Income Tax – The next steps

As HMRC’s ambition to become one of the most digitally advanced tax administrations in the world continues so the way the tax system works to become more effective, more efficient and easier for taxpayers to get their tax right the next steps have been issued by HMRC.   Currently VAT-registered businesses with a taxable turnover…

Read More »

Millie Hunt
26th November 2020 Deferral of VAT payments

At the start of the pandemic, HMRC allowed businesses with a VAT liability falling due between 20 March and 30 June 2020 to defer their payment. Over half a million businesses benefitted from the measure, deferring more than £28 billion in VAT payments.   Originally, businesses were required to pay the deferred VAT in full…

Read More »