HMRC has officially launched its new digital Personal Tax Accounts (PTA) system.

The digital resource is intended to be used in a similar way to online banking. The new online accounts will enable people to access their individual tax information and will provide the option for taxpayers to make payments at any time during the year.

PTAs have been created with the aim of supplying individuals with ‘real-time’ overviews of their tax affairs. Taxpayers will also be given the option to discuss tax matters via a virtual assistant or web chat facility.

However, experts have highlighted that under HMRC’s new digital initiative, around four million of the UK’s self employed, landlords and small businesses will be required to update HMRC at least quarterly, rather than on an annual basis.

By April 2016, every personal taxpayer is expected to have a PTA, along with millions of small businesses. If you would like further advise please contact a member of our personal tax team on 01865 292200 or email contactus@shawgibbs.com.