HMRC launches online tax accounts

  • by Carole Jordan
  • 25 Jan, 2016

HM Revenue & Customs (HMRC) are attempting to modernise the country’s tax system as part of a digital strategy.

HMRC online tax accounts - New system

HMRC  has launched its services for online tax accounts which will direct more than a million UK taxpayers to the new personal online portal as part of a self-assessment.

This new system will eventually replace annual tax returns and will be similar to online banking, according to HMRC. The service will allow people to update their details in real time, provide a clear display of the tax paid, and make it easier to contact HMRC. Payments can be made at any time of the day or year.

The roll-out for individuals is being phased in for people currently in the self-assessment system and by summer 2016, the service will be expanded to become an online payment and repayment facility. Users will also be able to look ahead and behind on their tax positions and being able to opt out of paper statements. All personal taxpayers will have personal accounts by April this year, along with all of the UK’s five million small businesses. Two million businesses are already using the new system.

HMRC says that the benefit of the new digital tax accounts is that they should stop the build-up of tax due, or refunds owed, at the end of each financial year, with no more surprises or shocks for UK taxpayers. This move will eventually lead to the end of the annual tax return for most taxpayers but you are, of course, still required to confirm that your information is correct and make sure you’ve paid the correct amount of tax.

If you need more advice on this issue than please call one of our advisors on: 01273 882200.

All details above were correct at the time of publishing - for more up to date information please get in touch .

You might also be interested in...

Why not leave us a comment, or share with a friend...

Want free advice for your small business?
Sign up to our blog

Browse our other Small Business posts

Our latest blog

by Carole Jordan 11 Aug, 2017

HMRC have released their new advisory fuel rates for drivers of company vehicles. These came into effect from 1st July and allow reimbursement of fuel tax free at these levels.

by Carole Jordan 04 Aug, 2017

Nobody wants to pay tax on divorce. So how do you keep your tax bill down while coming to a sensible arrangement with your spouse?

by Carole Jordan 28 Jul, 2017

Since the change to Dividend tax came in you may be wondering if there are more tax efficient ways of drawing funds from your company.  Read more for an idea that can save tax each year.

by Carole Jordan 18 Jul, 2017

I love the summer for sitting back and reflecting on the year. Thinking back to the dark days of winter and forward to the joy of Christmas time. Now is the ideal time to review how your business is going and as you revive yourself through holidays and sunshine you’ll be well placed to make any changes come the autumn.

by Carole Jordan 17 Jul, 2017
Landlords will be expected to use Cash Basis Accounting from 2017/18.  
So what does that mean for your rental property accounts and tax?
More posts

Which Small Business support are you looking for?

Share by: