Popup Banner Ee Revised

Hone your strategic leadership skills with

Strategic Leadership and Change Course

Intake: 5th August - 8th August

Duration: 4 days


HMRC launches personal tax accounts

HMRC launches personal tax accounts

HM Revenue & Customs (HMRC) has officially launched the new system of personal tax accounts that will lead to the end for annual tax returns.

The new accounts will offer greater flexibility to taxpayers and be similar to online banking, says the authority.

24/7 service

The new set-up will give people the option to check their tax details and make the necessary payments at any time of day or year, whenever it best suits them.

This is major move away from the current system of filing annual returns.

People currently in the self-assessment system will be the first to experience the roll out of the new service, and all personal taxpayers will have personal accounts by April of next year.

Five million small businesses in the UK will also fall under the new regime and two million are already using it.

Groundbreaking development

Director general of personal tax at HMRC, Ruth Owen, said: "The launch of personal tax accounts is a groundbreaking development for HMRC and our customers."

"Remember when you started banking online? Well, this is the equivalent shift in service for the majority of our customers wanting to do business with us online," she added.

Quarterly updates

However, businesses, the self-employed and landlords will have to give HMRC quarterly updates starting from April 2018.

HMRC also plans to centralise all the information it holds on each taxpayer by including data from employers, banks, building societies and other government departments into one single process. 

Other News

The Importance of Financial Management

Financial management is one of the most important aspects in business. In order to start up or even run a…

ACCA and CIPM of Nigeria sign a collaborative agreement

According to a recent article by The Guardian earlier this month, the Association of Chartered Certified Accountants (ACCA) and the…

AAT achieve KHDA recognition

We are excited to announce that AAT has been officially recognised as an International Certification Organisation by the Knowledge and…

Back to top