To ensure you make business decisions based on accurate information, let Fawcetts be your bookkeepers. We will remove the administrative burden of record-keeping, and eliminate the worry and risk of error that can come with doing your own accounting.
Your company’s books and financial statements are your overview of the health of your finances, as well as an early warning system that lets you know when and why the business may be on a rocky road. Financial records also provide the basis for many decisions made by third parties such as banks, landlords, potential investors, and trade creditors as well as taxing authorities and other governing bodies. Given the importance of financial records you may want to consider outsourcing this function to reduce the risk of errors and potentially save costs. We offer a full outsource service click here for more details.
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Millions of people from across the UK could be paying more tax than they need to, it has emerged, after figures from HM Revenue & Customs (HMRC) showed that more than 15 million individuals have not checked their Personal Tax Accounts.
The figure means that less than half of taxpayers have accessed their accounts, risking errors in the amount they pay.
Personal Tax Accounts were introduced by the Revenue in 2015 and include details of income, state pension records and National Insurance contributions.
They were intended to make taxpayers responsible for ensuring they are on the correct tax code.
Personal Tax Accounts can be accessed at gov.uk/personal-tax-account. Registration requires your name, an email address and a password. This will generate a 12-digit Government Gateway ID which will be needed in future when you log in.
You will also need to enter a phone number to generate a separate access code, which will be sent by text or automated call.
To access your account, you will be asked to enter information from a passport, payslip or P60 as well as to answer some security questions.
Under the income section, you will find information on your tax code, including deductions made by HMRC.
It is worth checking your Personal Tax Account as soon as possible. Figures show that 6.7 million people paid the wrong amount of tax last year because their tax code was wrong.