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500,000 firms sign up for HMRC’s Your Tax Account service

More than one half million businesses have flocked to the new Your Tax Account service launched by Her Majesty’s Revenue & Customs just a few days ago.

Talk about a runaway success: more than 500,000 businesses have taken up the taxman’s new online tax account since its 27 December debut, a service that began its pilot programme in May of this year. The initiative is specifically geared towards small firms, including freelance workers and contractors, in order to provide them with all the knowledge they need in order to manage their taxes properly.

With sole traders responsible for their own tax affairs in a whole different way than employees are, the new programme offers some much needed help for any small business enterprise. The fact that it’s online makes it eminently accessible as well, as finding time to go down to a physical brick-and-mortar storefront whilst you’re trying to manage the intricacies of your business is like pulling teeth. But with the Your Tax Account homepage being customisable in ways that will certainly make your head spin, it’s likely to be just the thing for the busy contractor that needs help with things like VAT, PAYE, corporation tax, or self assessment tax forms just to say the least. Of course, that’s just what the web portal has at first. HMRC says that it’s a work in progress though, and that means there’ll be even more services that will be added over time.

Honestly I can’t think of anything better than this when it comes to Government support for SMEs and particularly contractors. Not to say that any freelancer wouldn’t benefit from a good contractor accountant, but sometimes that’s just not possible, either because of cashflow issues or simply a lack of time. The new guided webpage is a fantastic way to get some directed help when it comes to handling your tax burdens before they come back to bite you on the arse, and with HMRC cracking down on both accidental and purposeful tax issues it’s incredibly important right now to make sure you get everything right the first time so you don’t have to worry about a visit from the taxman with a long list of grievances against you.

I can only hope that HMRC continues to add more and increasingly useful tools to their new Your Tax Account service in the future!

 

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