In 2015 HMRC online services introduced the personal tax account system. More than a 3.5million peoples already used this new system. You can create your own Personal Tax Account. This article provides you information about the personal tax account, its purposes, setup a tax account and Government Gateway login etc.
Personal Tax Account system
A Personal Tax Account is a system that lets you check your tax situation online from HMRC.
You can view and online make any changes to your information through your Personal Tax Account. So, you can manage your tax-related activities online and prevent time that spends in phoning and writing to HMRC.
Services of Personal Tax Accounts
The Personal Tax Account provides services of tax refunds, checking income tax estimates, and pension, and much more. By 2020, HMRC still tries to add more and more services such as liabilities and payment information all in one place.
Use of the Personal Tax Account
- you can currently use the Personal Tax Account system for
- checking code of your income tax
- checking your income tax
- claim for tax refund
- overdue tax payment
- checking your marriage allowance and also update it
- check and review the value of your state pension
Add any member who can check your account and manage on your behalf. Check the progress and track any type of form submission. As error detection is important. so you can change or manage it by yourself.
Importance of setting up a Tax Account?
Still, now the Personal Tax Account system is in testing mode. but still worth singing up despite many of it feature is not accessible or nor it is in fully functional form. The reason is that it providing incredible services and HMRC
try to make it fully functional as soon as possible.
- Using the system, you can change of address, your name, and getting married or partnership status and also track child tax credits, after becoming the parent.
- You can also check and update the credit or benefits that you get from the company where you work.
- View pay and tax figures of your employees every month
- view your Self-Assessment tax calculation and you can also print it.
How to register for a Tax Account?
To sign up, First register for a Government Gateway account. You must have your National Insurance number and your P60. After completion of the process, you can sign in to your Tax Account using the Gateway ID, password, and your National Insurance number. After that, if you want to enter the Personal Tax Account, a code will be texted to you each time for security purposes.
By using HMRC websites, you can use or signup for your tax account on any device like laptop, desktop, tablet, or mobile. You can also sign up for your tax account through an app on your tablet or smartphone.
How to set up a tax account?
Step 1: First of all, you need to go HMRC Website.
step 2: There you click on ”Start Now”.
Step3: Now you have to create your Personal Tax Account.
For this, select “Create an account”
Step 4: Now register yourself byusing Government Gateway
For this, select the option “how to register Government Gateway” and then, choose the option “create a government gateway account”.
Step 5. Set up a Government Gateway User ID
For this, go to “Set up a User ID”, which is under the “Sign in” form.
Step 6. Answer other questions
Here some questions asked by you and you will have to answer the questions.
Step 7. Provide your email
Here you have to provide an email address. and then confirm your email account through the confirmation email
Step 8. Provide your name
Step 9. Provide a recovery phrase
Here, the need for any recovery word or phrase in case if you forget the password, this word will use to recover your forgotten password. t can be anything easy to remember, like a favorite movie or book, etc.
This is important: write down the User ID of your Personal Tax Account and password!
Step 10. Get your access code
First, the website will ask you how you want to receive your access code and let select the easiest method that is via text message
Step 11. Verify your identity
Now HMRC will ask you for a few details that can match you with existing records.
Are Accountant can access my Personal Tax Account?
No, The HMRC do not approve Accountants to use client personal credentials. However, your Accountant only has access to the information, where you authorize them to do so.
What is the difference between personal and business tax accounts?
The main difference in both is limited in your access to personal account details. A personal tax account is used for individual personal taxes while business tax accounts cover both sole traders and companies’ services.
What is the requirement of corporation tax?
For the corporation tax, the only thing you need is your company number and company UTR.
How to in touch with HMRC online services helpdesk?
HMRC online services helpdesk is only for online affairs. you can contact on 0300 200 3600
What is the difference between the financial year vs tax year?
A 12 month period is the financial year of the company that can start and end in any month and is not aligned with the tax year. While the A tax year runs from 6th Apr to 5th Apr of year and is aligned with the tax year.
What is Corporation tax?
The corporation tax is a tax for businesses that is calculated by the end of the company financial year. The corporation tax is based on the taxable profits achieved.