Understanding your tax can be an incredibly trying experience, with the yearly hassle of completing your tax return serving only as a tedious addition. However, with a Personal Tax Account, there is light at the end of that arduous tunnel!
In a nutshell, A personal tax account allows you to check your records and manage your details with HM Revenue and Customs (HMRC), as well as submitting your tax return and claiming tax rebates.
Gone are the days of tracking down lost documents and tirelessly digging through piles of paperwork. With a personal tax account, all things tax related are presented to you in one place, mitigating the risk of missing important deadlines or forgetting to update information. It also makes it easier to identify and correct errors that you may otherwise miss. Essentially, a personal tax account enables you to streamline and simplify the way in which you deal with tax.
The conveniences handed to us by modern technology are really quite astounding. HMRC are adding new features to the personal tax account all the time, meaning its usefulness is constantly growing and evolving. While you may feel daunted at the prospect of managing your tax online, with a personal tax account, you can rest assured that the site is safe, secure and simple to use.
Currently, a personal tax account encompasses 10 features, which are as follows:
As it currently stands, you have to pay National Insurance for 35 years in order to receive your full state pension. One of the best features of a personal tax account is that it allows you to view a clear, exhaustive list of all your contributions year by year.
A personal tax account is an invaluable tool in ensuring that you don’t fall into the losing end of another unfortunate pension statistic. Your account allows you not only to weigh up how much you have payed, but to make up for the sort fall through voluntary contributions. If you would like to maximise the efficiency of these contributions, contract our team on 01254 589799.
Setting up your personal tax account is easy; all you need is a valid form of identification. Simply head to //www.gov.uk/personal-tax-account and follow the on-screen instructions.
If you need any help with setting up your personal tax account, or if you have any questions whatsoever, please get in touch with us here.