According to figures released by HM Revenue & Customs (HMRC) on 27th December 2014, more than half a million business customers have signed up for the new online tax accounts.
Your Tax Account was introduced in May 2014 with the intention of providing all the information required to manage tax affairs in one place. The new strategy is aimed at business owners, including limited companies and sole traders. The new system was introduced by HMRC in response to difficulties experienced by small businesses. The information required to complete the end-of-year self assessment tax return will all be in one place, providing ease of use and security.
Prior to release, the system was developed with the support of HMRC business customers, so that the organisation could be sure that Your Tax Account would be suitable for all users and meet the requirements of customers using it. When existing customers logged into their HMRC Online Services, an invite was issued for them to create an account. HMRC believes that this is the most effective method of testing suitability for clients.
How does it work?
The homepage can be personalised to suit each user and also includes links to sections which may be required. The main links are to other pages, where you will be able to complete further transactions like VAT, PAYE and Corporation Tax. You will be able to view your current tax liabilities, in addition to an overview of your tax records. By clicking on the relevant guidance or help button, users will be directed to information and interactive tools to help them complete a transaction.
Improvements to the system
According to HMRC, there are still more products to be added to the system as it develops. David Gauke, the Financial secretary to the Treasury, is aiming to offer all taxpayers an online tax account, as HMRC moves towards a digital future. This would mean that agents, individuals and businesses would all have their own online account. The new system can be used alongside the Business Tax Dashboard, but Your Tax Account will eventually replace this system. January 2015 sees the formal launch of Your Tax Account, and improvements will continue to be made.
Is your venture one of the businesses that has signed up to Your Tax Account? If so, let us know here at The Accountancy Partnership about your experience so far by using the comments section below.
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