HOW TO SET UP YOUR PERSONAL TAX ACCOUNT

More and more you are going to need access to your personal tax account. Many have already got them. However, those who have not will at some time discover it is better to have sorted out getting one before you find you need one urgently.

Your own personal tax account will enable you to look into many matters relating to your tax in one place. The functionality of your tax account is likely to increase as time goes by.

For example, if you need to report to HMRC the amount of Capital Gains Tax that is payable on the sale of residential land and property, which has to be done within 30 days, you will need to set up your Personal Tax Account in order to get to the starting line for doing this. You really do not want to be having to sort this out whilst the 30 days are ticking down against you adding unwanted pressure.

As you are bound to need a tax account in the future - why wait. Best to do it now. This video provides a step-by-step guide which will make setting up your tax account easy.