What is your HMRC business tax account?

Looking to get the most out of your HMRC business tax account? If you’ve got a limited company, you’re about to get real familiar with it.

In this guide, we’ll take a closer look at your tax account and how you can get the most out of it.

So, what is it again?

Your HMRC business tax account is a handy online portal designed to simplify your business taxes. It brings everything together in one place, so you can easily stay up to date with what’s going on.

When you sign in to your account, you’ll see a breakdown of all of your business taxes. You can also use this account to handle your tax return, make payments and view secure messages directly from HMRC.

Once you know how to use it, it can be a great tool for keeping on top of things. It’s pretty important for your accountant to have access too.

Who is a business tax account for?

Whether you’re a limited company, part of a partnership or even a sole trader, you can use a business tax account to check your tax position for:

• Corporation Tax
• VAT
• Self Assessment
• PAYE (Pay As You Earn)
• Plus 40 other business taxes

If you’re an admin of your business tax account, you can even give other team members access to manage your taxes. This is handy if you’re working with an accountant or tax advisor. 

So, how does it work?

Your business tax account is split into two main areas:

1. The top menu

This allows you to manage your account, view secure messages, and get help if you need it. It’s super easy to navigate.

2. Your home page (Business Tax Summary)

This is where you can see your tax summary, and handle any tax returns or payments.

How to set up a business tax account with HMRC

If you don’t yet have a business tax account but think you’ll need one, you can get set up online.

Head over to HMRC’s website and register here. 

Once you’ve registered, you should receive a tax reference number and your Government Gateway User ID. Make sure you keep these handy as you’ll need them later down the line.

You might need an activation code to sign in. HMRC will send this to you by post but it can take a week or two. 

Tips for using your business tax account

Your business tax account can be used for a whole host of things. Here are a few ways you can get the most out of it:

1. Make sure your details are up to date

In the ‘Manage Account’ section, you can:

• Add or remove a tax, duty, or scheme
• Provide access for other team members (internal or external)
• Change your tax agent and authorise them to act on your behalf
• Update your account details like your business address
• You can even sign up for paperless notifications

2. Review your taxes 

You can control certain taxes and schemes directly in your account too. For example, if you’re a small business and your annual turnover falls below the VAT threshold, you might be eligible to deregister for VAT using your online account.

3. Keep up to date with your deadlines

Your new business tax account will show:

• If there’s a return you need to complete
• Your balance (either outstanding or overpaid tax)
• Links to more details, like payment and return information

It’s always a good idea to check your account regularly to make sure you’re on top of things.

4. File a return or payment

You can also use your business tax account to file a return or make a payment directly to HMRC. This includes any direct debit payments. You’ll also see: 

• Repayments HMRC owes you
• Payments you’ve made
• Interest on any late payments
• Penalties for late payments or filings
• Tax calculations for previous years

Let us simplify your business taxes

Feeling a bit overwhelmed by managing your business tax account on your own? Don’t worry -– we’re here to make your life easier. 

If you’re unsure about how to use it or you’d prefer to have an expert handle it, our team of accredited accountants can help. They can take care of everything for you, helping you maximise your tax benefits. Learn more.