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
 
Matilda Mawson
19th July 2019 Changes to Entrepreneurs Relief from 6 April 2019

Entrepreneurs’ relief allows a reduced rate of capital gains tax on disposals of all or part of your business assets. The reduced tax rate is 10% on up to £10 million of lifetime gains. There have been a number of significant changes to entrepreneurs’ relief in the last year, tightening the rules on qualifying conditions…

Read More »

Ernesta Petkeviciute
19th July 2019 New SRA accounting rules – what’s changing?

The current Accounts Rules are made up of over 40 detailed requirements, making it difficult for firms to fully understand what is required of them, as well as giving firms no flexibility to adapt them to their own practices and decide how best to look after client’s money.   The new rules coming into effect…

Read More »

Vanessa Pearson
15th July 2019 IR35: private sector off-payroll rules for contractors

This week HMRC have published draft legislation that will affect private sector personal services companies (PSCs)  from 6 April 2020. PSC’s supplying services to medium or large-sized organisations will no longer decide if they are employed or self-employed, the end engager will assess this. If caught by these rules, known as IR35, employment taxes and…

Read More »

Paul Jefferson
15th July 2019 Company car tax changes – Government will remove BIK company car tax on Electric Vehicles from 2020/21

The government has provided positive news for Company car drivers announcing that a pure electric vehicle (EV) will no longer pay benefit-in-kind (BIK) tax in 2020/21 following a review which looks set to boost sales of emissions-free cars. HM Treasury’s response to its review of the fallout from the roll-out of the Worldwide Harmonised Light…

Read More »

Barbara Nicholas
9th July 2019 31 July: Can you elect to reduce your tax payment?

Most individuals who are required to prepare and submit a self-assessment tax return to HM Revenue & Customs in each tax year should now be preparing for their next half-yearly tax payment which is due by July 31.   This tax is the second payment-on-account for the 2018/19 tax year. It is automatically calculated as…

Read More »

Jaimie King
5th July 2019 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 »