This is considered an out of date browser. This website has been developed with modern browsers in mind to allow it to display at its best in a wide variety of viewing situations - including mobile viewing. But we haven't supported older browsers like IE8. Please upgrade to the latest version of Internet Explorer - or try Mozilla Firefox or Google Chrome. Both are excellent browsers.
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.
Proposal to extend pension auto enrolment to younger workers
There has been an announcement to extend pensions auto enrolment to young workers and to amend the way the contributions...
New Student loan limits
If you are an employer, you need to be aware that the earnings thresholds at which you are required to make deductions f...
What HMRC says about the 'not so simple' taxation of Bitcoin
HMRC’s opinion on cryptocurrencies is given here. This covers VAT, corporation, income and capital gains taxes. Crypto...
The Chancellor's Spring Plan - Tax-efficient training
Tax relief on training costs was one of the interesting consultations that relates to current rules favouring employees ...
As long as we are in business, we shall continue to use Sence accounting.
Lucy and Nicky Jackson