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 Blogs in Blogs