Need a helping hand with your personal tax accounts? We are seasoned experts ready to assist no matter your circumstances. Whether you’re on PAYE, self-employed or just have questions about HMRC/tax allowances, we’re here to help.
For a full breakdown of personal tax accounts, summaries and records, please see our FAQ below. If there’s anything we haven’t listed or you need immediate help, get in touch! We’re all ears and happy to assist.
From Government Gateway to personal tax summaries, we’re here to help
Online & In Person
Although we are physically based in Cheltenham we have clients all around the UK. We are more than happy to have phone calls, zoom calls and deal with your affairs remotely. We pride ourselves in making it very easy and simple but that does not take away from the fact that we are human beings are fantastic service to you.
Many of our clients let us look after their personal tax affairs through email and phone calls where you can easily send information to us in an online portal (which is GDPR compliant).
Stuck? Your personal tax questions answered
A personal tax account is for individuals that pay tax in the UK. It is your own individual tax account with HMRC where you can view and manage certain aspects of your tax affairs. They say that two things in life are certain death and taxes! Unless you live in Dubai of course…
Your online tax account with HMRC is designed to mange many different aspects of your personal affairs with HMRC that include your tax codes (if you are employed), your employment tax history, recent taxes paid to HMRC, tax repayments, submitting a personal self-assessment tax return, managing tax credits, check your state pension entitlement, view and submit other HMRC forms, transfer your marriage allowance, inform HMRC of personal changes (such as name and address), plus many other things.
There are different deadlines to be aware of with HMRC depending on what sources of income you have. However, the main deadline for individuals to submit their personal tax return for each tax year (check here to see if you need to do a tax return). If you are employed, then your employer will have a requirement to deduct and submit your taxes at least monthly.
You need to keep your records for 6 complete tax years plus the current tax year that you are in (which ends on the 5th April each year). HMRC have the right to request access to your tax records to review any submissions that have been made. In some cases HMRC may be able to go back further than this time period.
A personal tax summary is available from your online tax account. It shows how much tax and national insurance you have paid as an individual with HMRC for a specific tax year. It is quite common for this to be requested by lender such as your bank when applying for a mortgage or remortgage.
Please note that a ‘Personal Tax Summary’ is for individuals and not for a business. If you want to review and manage the tax status of a business then you would need to set up a ‘Business Tax Account’ with HMRC. You can manage things like PAYE for employers, VAT and corporation tax from this account. It is usually required for VAT registered businesses to set up their business for MTD (Making Tax Digital).
A personal tax allowance is what all qualifying UK tax payers are entitled to earn tax free each tax year. For the latest tax year ending 5th April 2022 the tax free personal income allowance is currently £12,500. This means that you pay zero tax for earnings up to £12,500. In addition to this you can also have £1,000 of bank interest and savings income, plus £2,000 of dividend income completely tax free.
A history of personal income tax…
You may be surprised to know that tax on personal income is a relatively new thing in the overall timeline of our country. It was first introduced in 1798 by William Pitt The Younger to pay for weapons and equipment for the Napoleonic Wars. At that time it was 2 old pence in the pound. Here we are now in the 21st century and most people are paying 20 pence in the pound.
It looks like the UK taxpayer has had a rough deal over the centuries!
What’s the personal income tax rate in the UK?
Below is a breakdown of tax bands, income and tax rates for UK personal allowances in 2021/22.
|Personal Allowance||Up to £12,500||0%|
|Basic Rate||£12,501 – £50,000||20%|
|Higher Rate||£50,001 – £150,000||40%|
Sounds great! But why pick you?
At Cheltenham Tax Accountants, we offer an efficient and streamlined personal taxation service. We pride ourselves on being extremely approachable making dealing with your personal tax needs and easy and hassle-free as possible. No jargon or technical advice that does not mean anything to you.