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The Personal Tax Account (PTA) was launched in December 2015 and gives customers a one-stop shop for all of their tax information. It gives customers the flexibility to access HMRC’s services at a time that suits them as the service is available 24 hours a day, 7 days a week.
Services are always being added to the PTA but those already live include:
- receiving an estimate on your Income Tax and tax code
- filing a Self Assessment tax return
- claiming a tax refund directly into your bank account and receiving it within 3-5 working days – removing the need to wait for a cheque or Payable Order
- checking and managing your tax credits, including the ability to change your circumstances throughout the year
- checking your State Pension
- checking or updating your Marriage Allowance
- checking or updating benefits you get from work, such as company car details and medical insurance
The PTA is radically changing the way that customers contact HMRC and the effects of this have already been felt. Almost 1 million customers renewed their tax credits claim ahead of the 31 July deadline this year, representing a move away from the old paper and telephone methods of renewal. Over 600,000 people have already received their Income Tax refund directly to their bank account without having to wait for a cheque in the post as before. And more than 100,000 people have checked their company car status details and updated them accordingly.
The Personal Tax Account is a major strand of HMRC’s goal to create a tax authority fit for the 21st century. Opening yours takes 5 minutes and can be done by visiting www.gov.uk/personal-tax-account.
For tailored advice on how to best manage your personal and business finances, get in touch with us today and find out about how CBHC can help you do more with your money.