HMRC Personal Tax Account

Personal Tax Account.

HMRC has confirmed today the launch of the Personal Tax Account.
 
This new service will, initially be available to "non-business" online Self-Assessment customers. By using your Personal Tax Account you will be able to:

• View and update your address
• Access a range of iForms which you can complete and submit online
• View and amend an estimate of the income tax you are likely to pay in the current tax year
• Tell HMRC about changes to certain taxable benefits from your employer

In future, those with business-related taxes such as the self-employed and company directors who received dividends will also be able to use the service.

Finally, your tax agents such as chartered accountants, tax specialists and financial advisers who may arrange your yearly self-assessment returns will also be able to access the Personal Tax Account system when he HMRC has completed testing and upgrades it.

Comment

The personal tax account is all about collecting income taxes quicker!

This is the first move in HMRC collecting regular tax information from both consumers and businesses and will lead to all of us perhaps settling our tax liabilities on time every three months rather than the current archaic system of filing your tax return some 10 months after the end of the tax year (as confirmed in the Chancellor's Autumn Statement).