Online Tax Just Got Personal

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HM Revenue & Customs have introduced a new secure digital tax account for individual customers. The new Personal Tax Account will bring together all the individuals’ details in one place and will allow those customers to also amend records online.

It means that employees can check their own tax code online, and see how it is being calculated. Set to work much like an online bank account, it was introduced in July and HMRC are asking employers to invite their employees to test the accounts and provide feedback with expansion due over the coming months.

At this point, employees can update their personal information, check their tax code, their personal allowance, and their sources of income and an estimate of the tax they will be paying. If any details are incorrect, they can also be altered online, and is a move that will eventually replace the P2 notice of coding currently being issued to employers.

An estimated 10 million people will have access to the account by early next year, and everyone will have access to their own account by 2020. This all comes as HMRC plan to move more and more of their services online in a bid to save time and money for the taxpayer.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Image courtesy of ratch0013 at FreeDigitalPhotos.net

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