The HMRC Business Tax Dashboard provides business owners with a complete summary of your current tax position. This also includes payments you have previously made and the amount of payments you still owe. The government announced that up to 3 million businesses would receive the privilege of using this approach.
In accordance with the type of business you run, the online information you have access to on the dashboard is details of how much Corporation Tax you are required to pay and information regarding your Self Assessment Tax Return. You will have the option to inspect information on VAT and or PAYE for employers, which is if you have actually set up your enterprise for such online services.
The Business Tax Dashboard offers you various options, such as allowing you to view the taxes you owe, and even the quittances HMRC owes to you, the payments you have previously made and any penalties you have incurred due to late payments. Other details include direct debit payments you have made. Additionally, businesses can also use this service to amend contact details of their enterprise, which entail addresses, telephone numbers and email addresses.
What periods are covered by Business Tax Dashboard
BTD covers Corporation Tax from 1 October 1993 onwards, Self Assessment from 1996-97 onwards, PAYE for employers from 2010-11 onwards, and finally, VAT for the current date and for the past 15 months.
BTD is designed especially to aid small businesses keep account of their tax affairs, but before setting up your own dashboard, you will need to enrol with HMRC’s online services. Only two ways may likely exclude you from the services of BTD. One way would be that you prefer to manage your liabilities for tax separately, and secondly, if your business is part of a group of companies.
To be able to set up your own dashboard, initially you need your unique User ID which will be given to you when you register for HMRC’s Online Services. If you do not already have one, just log onto their website and sign up. After that, you simply visit ‘Your HMRC services’ page.
The website also allows you to share access with other administrators from your enterprise. If you want more detailed information about the tax dashboard you can read the FAQ’s section of the HMRC website. Alternatively, contact the experts at Taxaccolega who will be more than welcome to talk you through all your tax and accountancy questions.
Taxaccolega are one of the best Chartered Management Accountants in London with the ambition and skill to help your small businesses succeed. To learn more about how are services can help your business grow call us on 08000 235 234 or dropping us an email at email@example.com