HMRC are encouraging all taxpayers to set up a personal tax account to manage their personal tax affairs. Ultimately the aim is for each individual’s tax history and current position to be maintained on this account.
So this would include for example your business affairs, including VAT if your business was registered for VAT, your form P11d, PAYE tax codes and copies of correspondence. It will also include your tax credits and national insurance contributions. From this account, you can see how much is required to top up and receive your state pension.
To set up an online personal tax account you must have registered for access to the Government Gateway. This can be done in a matter of minutes by visiting http://www.gateway.gov.uk/ or, if you intend to set up a personal tax account at the same time https://www.gov.uk/personal-tax-account/sign-in/create-account, and providing some basic personal information.
If you would like our help to understand the implications in more detail for your specific situation, call us today on 02392 449732 or click on the ‘Request Call Back’ button below and we will be happy to have a chat.
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This is Vicky, signing out for now and remember – Behind every good business is a GREAT Accountant!