Tax accounts for Business owners have been in operation for a number of years to enable the business to keep track of tax paid, payments due, etc. however there has been no provision for a simple easy to use system for the employees. Employees have had to endure long waits to connect to HMRC and lengthy discussions and form filling to ascertain whether there have been under or over payments in tax or simply advise of changes in personal circumstances.
Good News, HMRC have announced that there is now a Personal Tax account service all you will need to have is a Government Gateway Account, (if you use the gateway already for self-assessments or Council Tax), or set a new account up, a National Insurance Number and a recent payslip of P60.
What Will the Account Eventually Allow You to Do?
As the system is developed, HMRC aim to add more services to the Personal Tax Account, at present the account will allow you to do and view the following: –
- check your Income Tax estimate and tax code
- fill in, send and view a personal tax return
- claim a tax refund
- check and manage your tax credits
- check your State Pension
- track tax forms that you’ve submitted online
- check or update your Marriage Allowance
- tell HMRC about a change of address
- check or update benefits you get from work, e.g. company car details and medical insurance
More services will be added in the future.
For many of you who complete the laborious task of the annual tax return which takes a lot of personal time and effort to ensure the information is correct and can be stressful for a number of employees. Good news the account will remove the need to complete a return at the end of each year, it will send you secure messages to remind you when it is time to carry out a task so that you never miss a deadline again. Any changes in your personal circumstances that could have an effect on your tax will be easily reviewed allowing you to make payments to HMRC where necessary quickly, easily and online.
Useful links will be available to tax related online forms on GOV.UK making it easier to locate these forms instead of navigating your way through vast menus and options to eventually arrive at the area of the HMRC website you require. There is also an added webchat facility to assist those new to the system to access their online tax account.
It will take you less than 5 minutes to get started and you will be asked to provide your bank account details if you are setting up a repayment.
Follow this link to get your account up and running and start easing the pressure and stress of your tax queries and updates. Personal Tax Account: sign in or set up.
Cath Adams, Payroll Manager