What is a Personal Tax Account?
The Personal Tax Account system is a handy little online resource HMRC has provided to enable you to view and make changes to your personal tax information online. You will be able to manage your tax affairs through the account rather than phoning or writing to HMRC.
Amongst other things, it allows you access to information that is not available to your accountant.
This does not detract from anything your accountant does for you, although you should also update them with any changes you make.
What can I do through my Personal Tax Account?
- Checking your Income Tax estimate and tax code.
- Filling in, sending and viewing a personal tax return, however this will not apply if your tax return is submitted by a 3rd party (i.e., your accountant).
- Claiming a tax refund.
- Checking and managing your tax credits.
- Telling HMRC about changes which may affect Child Benefit.
- Checking your State Pension entitlement and National Insurance credits. This shows any gaps in your National Insurance record and allows you to take steps to correct it.
- Tracking tax forms that you’ve submitted online.
- Checking or updating your Marriage Allowance transfers.
- Telling HMRC about a change of address.
- Check or update benefits you get from work, e.g. company car details and medical insurance when they occur, meaning that your tax code will be up to date and the correct amount of tax deducted at source from your salary.
Registering for a Personal Tax Account is relatively easy, first of all you need to create an HMRC Government Gateway account by logging onto www.gov.uk and search for Government Gateway.
The instructions are fairly easy to follow, you will be sent a confirmation code to your email address and once confirmed you will be issued with a User ID. It is vital that you keep this somewhere memorable as it is a fairly long string which can’t be edited.
Once you have the Government Gateway access it is then easy to set up your Personal Tax account.
A Government Gateway account also allows you to download the HMRC app to a mobile device which gives access to the same information as above. The app is extremely easy to navigate through.
A Government Gateway account is also necessary if you need to submit any Capital Gains Tax declarations for UK residential property disposals. As these need to be submitted within 60 days of any property disposal where there is a tax liability, it is handy to have it already set up.
If you require any advice or assistance with your personal tax affairs, fill out our contact us form and a member of our team will be back in touch.