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As part of the government’s initiative to bring tax into the digital age they have created an individual and personal tax account for everyone, unique to you.
This personal tax account will display details for you to see such as your earnings and taxes paid to date, any state benefits you have received plus National Insurance Contributions you have paid to name but a few of the important ones! This information is displayed clearly and in tax years. The portal has been designed to easily navigate around it and will enable HMRC to see your information in real time.
What this means for them:
They will see what earnings and income you have received on a more timely basis and will have the details to hand to recalculate things such as the universal tax credit and/or tax credits lets say.
For example, Talia was a stay at home mum caring for her son. She received child tax credits during 2017/2018. In September 2017 she started work as her son started school. After her first pay date she was able to see her earnings show up in her personal tax account for that month.
This means HMRC can too! From this, they can check whether she is still entitled to the child tax credit and if so, the exact amount due to her based on her earnings going forward. They can then update this accordingly meaning there is no risk to them of hugely overpaying her and no risk to her of spending that money and then finding she has to pay it all back.
This revolution affects everyone! Not just stay at home mums, or people with their own businesses, yes it affect pensioners, yes it affects private landlords we mean EVERYONE!
To access your personal account log onto: www.hmrc.gov.uk/personal-tax-account
Follow the registration and security steps to unlock your tax account. If you see any errors or areas of concern then give us a call so we can help. We will keep you informed throughout 2017 of further digital enhancements as this is just part of the initiative.
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Good tax advice in a friendly and professional manner.
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