Simplifying taxation with HMRC’s latest online features

HM Revenue and Customs (HMRC) has recently introduced an array of innovative digital tools designed to make tax matters simpler for both businesses and individual taxpayers.

Securely store your National Insurance number online

HMRC now offers the option to securely store your National Insurance (NI) number, aiming to streamline the tax handling process.

You can view your NI confirmation letter either online or via the HMRC mobile application, removing the need to wait for a physical letter, which could take up to 15 days to arrive by post.

Access to this feature is available through your Personal Tax Account (PTA) or the HMRC app. Once you are logged in, you can:

• Download and save a PDF version of your NI letter for future reference
• Keep a digital copy in your app wallet, such as Google Wallet or Apple Wallet, so you can access it without logging into your account again
• Print or distribute the letter directly from the platform

Understand your tax code

Introduced in December 2022 and updated in June 2023, this digital tool helps you decode the components of your personal tax code.

You can find your tax code on payslips, ‘Tax Code Notice’ letters or by signing into your Personal Tax Account.

The tool is particularly helpful for:

• Quickly confirming the accuracy of your tax code, avoiding unforeseen tax charges or rebate delays
• Clarifying the meaning of the letters in your tax code
• Offering advice on actions to take if your tax code appears incorrect
• Breaking down the tax obligations for self-employed individuals, residential buy-to-let landlords or partnerships on a weekly, four-weekly, monthly and annual basis

Instantly validate a UK VAT number

One significant development in HMRC’s digital offerings is the ‘Check a UK VAT number’ feature. This tool lets businesses instantly confirm the VAT numbers of other UK enterprises. Previously, the validation process was cumbersome and often led to delays.

Now, you can quickly ascertain the legitimacy of a business, thereby mitigating the risk of fraud, with just a few clicks.

Effortless Self-Assessment bill payments

The process of paying your Self-Assessment bill has been simplified with HMRC’s new online payment portal. This is especially advantageous for freelancers and small business owners, who found the traditional payment procedures time-consuming.

This tool lets you pay directly through HMRC’s secure portal, negating the need for external payment services and ensuring secure transactions.

Please note that the deadline to register for Self-Assessment online is 5 October 2023.

Download your VAT certificate with ease

The VAT certificate tool is another valuable addition. Gone are the days when you had to directly contact HMRC to obtain a copy of your VAT certificate.

Now, businesses can quickly download their VAT certificates from the HMRC website for compliance or audit needs.

Advantages

The main advantage of these online features is the efficiency they bring to tax-related chores. With these tools, you can handle these tasks much faster than was possible through traditional means.

Security is a top priority for HMRC, and these new digital services come with robust security protocols to safeguard your data and financial transactions.

These services are available at all times of the day, allowing you to tackle your tax obligations whenever suits you. This is great for businesses that function outside standard working hours.

As HMRC continues to innovate, we can anticipate even more user-friendly options in the future, making tax management less intimidating for all.

If you would like further details about how these online tools can help you, please get in touch today.