HMRC Introduces New Accounts
HMRC has launched a new secure online service called Personal Tax Accounts. The idea is that individuals, once registered, will be able to log in and see details of their employment(s) and their tax codes for each source of employment. They will also be able to generate an estimate of any tax deductions.
The benefits of this system are that if any personal details are incorrect or the tax codes are wrong, you will be able to adjust these online, instead of spending hours waiting to speak to a HMRC advisor.
The new service is currently being tested by a range of employers, who are being encouraged to ask their employees to register and provide feedback. I have yet to see this in action, so if you are one of the chosen few, I would be very happy to hear your feedback on the system. HMRC intend to roll this out to 10 million people by early 2016 and to everyone employed in the UK by 2020.
Anything that involves bypassing HMRC’s phone lines seems like a great idea to me, but please don’t assume that it will automatically be correct as these new systems do tend to have teething problems. If in doubt, ask your accountant.