Personal Tax Account

Including Financial Independence and Retiring Early (FIRE)
monabri
Lemon Pip
Posts: 57
Joined: January 7th, 2017, 9:56 am

Personal Tax Account

Postby monabri » January 10th, 2017, 3:43 pm

I'm just mentioning the "Personal Tax Account". Have you registered? Worth doing as I came to check my tax figures and they were exactly 50% wrong (corrected by a quick phone call to HMRC - very nice people .... .... ;) )

I registered primarily so that I could review my NI contributions since I first started work (so I could review/view my forecast state pension) and plan class 3 voluntary contributions.



https://www.gov.uk/personal-tax-account

swill453
Lemon Slice
Posts: 360
Joined: November 4th, 2016, 6:11 pm

Re: Personal Tax Account

Postby swill453 » January 10th, 2017, 6:55 pm

Yes it's very useful. Also shows PAYE salary/pension payments with YTD totals for current year. Very up to date, I have a transaction dated yesterday.

Scott.

monabri
Lemon Pip
Posts: 57
Joined: January 7th, 2017, 9:56 am

Re: Personal Tax Account

Postby monabri » January 10th, 2017, 9:58 pm

I want to use my PTA to check that my forecast pension actually increases when I pay class 3 voluntary NI ! When I buy an extra year I want to check it actually shows an increase in my predicted pension. As a FIRE(51)** with a defined benefit pension, my predicted pension was about £30 less than the £155 "basic" and I want to top it up.




** FIRE (51) - age of "FIREdom" for me!!

macbrains
Posts: 10
Joined: November 4th, 2016, 10:05 am

Re: Personal Tax Account

Postby macbrains » January 11th, 2017, 12:42 pm

I'm not sure if your NI payment will be reflected in the PTA that quickly - my NI details says for 2016-17 that my record is not available yet, though I have made a Class 2 payment already for this year

Am I right in thinking that the NI section only gets updated after the end of the tax year?
Rob

JMN2
Posts: 46
Joined: November 4th, 2016, 11:21 am

Re: Personal Tax Account

Postby JMN2 » January 12th, 2017, 10:38 am

I couldn't get access as they found no credit rating details for their identity check.

monabri
Lemon Pip
Posts: 57
Joined: January 7th, 2017, 9:56 am

Re: Personal Tax Account

Postby monabri » January 12th, 2017, 6:10 pm

Hi Macbrains, I guess you're correct in as much as one would not see any uplift in the forecast amount of pension until after the end of the current tax year. They seem to work "looking backwards" . I can understand this as it is possible that one might start/stop work half way through a tax year - so it would be more accurate to "review" it after the tax year has actually ended.

My fault...I gave the impression I wanted to hand over the money and immediately see the increase reflected online.


JMN2 - I bet you are still paying tax and NI though ! :)

JMN2
Posts: 46
Joined: November 4th, 2016, 11:21 am

Re: Personal Tax Account

Postby JMN2 » January 12th, 2017, 8:55 pm

monabri wrote:...

JMN2 - I bet you are still paying tax and NI though ! :)


Not for many years. I just wanted to have a look to see what my details at HMRC looked like as I have most of my records off site in storage.


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