To use HMRC online services you will need to set up a Government Gateway account, if you do not already have one you'll need to set this up. You will then be able to set up a personal tax account and/or a business tax account.
Personal Tax Accounts
On your online services account you can check things like your income tax estimate & tax code and your State Pension entitlement, update your personal details and claim a tax refund if one’s due.
You can also register for Self-Assessment to report rental or investment income. The same Government Gateway sign in details can be used to access both accounts.
So, if you set up a personal tax account you can then add Self- Assessment to that account.
Business Tax Accounts
You can also set up online services accounts for businesses, such as limited companies, partnerships and sole traders. Once your business tax account is set up, it can be used to access many services including:
Registering for Self-Assessment if you’re self-employed.
Registering for VAT if your taxable turnover is over £90,000.
Setting up a PAYE scheme if you’ve started to employ people.
Registering for Corporation Tax if you’ve set up a limited company or other organisation that needs to pay this tax.
As Making Tax Digital progresses across all types of taxes these accounts will be needed to access and submit this information to HMRC.
If you need any tax advice in Milton Keynes give a call to the team at Holmes Accountancy on 01908 315716 or contact us here.
The tax tip is provided for general guidance only; further advice should be sought, for specific issues.
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