Secure Your Business Name, Manage HMRC Interest Hikes, and Simplify Taxes with a Personal Tax Account
This month, TAG Accountants takes a closer look at how you can more effectively safeguard your business name from competitors and unscrupulous individuals.
We also issue a timely warning regarding the recent rise in HMRC interest rates and strongly encourage you to set up your Personal Tax Account, an invaluable tool designed to simplify your interactions with HMRC and make managing your tax affairs easier.
Protect your business name
As business owners, we often focus on evaluating and protecting our financial position and trading performance. However, we can sometimes overlook one of our most valuable and vulnerable assets, our business name.
Many businesses mistakenly believe that registering with Companies House is sufficient for protecting their name. In reality, Companies House only checks for exact matches to registered company names and does not take into account trading names, sole traders, or brand names. This limited protection can leave businesses exposed to legal disputes and the risk of costly rebranding exercises, which often cause significant stress and consume considerable time and resources.
Thanks to our connection with the TAG Community, we are pleased to offer our clients discounted access to the National Business Register (NBR). For over 40 years, NBR has supported UK businesses in reducing the risks associated with name disputes and enforced rebranding through its comprehensive Business Name Protection Service. This service not only helps protect your name and brand but also provides cover for legal costs incurred when pursuing third parties who may have used your business name or brand without permission.
If you are interested in this service, please feel free to contact us to find out more.
HMRC interest rate increases
From 6 April 2025, HMRC interest rates on the late payment of tax will increase by 1.5% across all tax types. As a result of this adjustment, the rate of interest charged on overdue tax will rise from the current base rate plus 2.5% to base rate plus 4.0%. HMRC applies late payment interest automatically, and it continues to accrue on any outstanding tax liabilities from the due date until the full amount has been settled.
In contrast, and arguably unfairly, the rate of interest paid by HMRC on tax repayments will remain unchanged. At present, repayment interest is calculated at the base rate minus 1%, subject to a minimum rate of 0.5%. This disparity means taxpayers face significantly higher charges for paying late than the compensation they receive when HMRC delays repayments.
Benefits of setting up a Personal Tax Account
A Personal Tax Account, also known as a PTA, enables you to manage a wide range of tax-related matters online, including reviewing your tax codes, claiming refunds, and updating your personal details. The account is secure and brings all of your relevant tax information together in one convenient location. If you have not yet registered for one, it is certainly worth taking the time to consider doing so.
The Personal Tax Account provides a practical and efficient alternative to contacting HMRC by telephone or by post, which, as many will know, can often be a time-consuming and frustrating experience.
Although every individual taxpayer in the United Kingdom is allocated a Personal Tax Account, you must first register through the Government Gateway in order to access and use the service. Please be aware that identity verification may be required as part of the registration process.
At present, the following services are available via your Personal Tax Account:
- checking Income Tax estimates and tax codes
- completing, sending, and viewing your personal tax return
- claiming a tax refund
- checking your Child Benefit
- checking your income for the previous 5 years
- checking how much Income Tax you paid in the previous 5 years.
- checking your State Pension
- checking if you may benefit from paying voluntary National Insurance Contributions
- tracking tax forms that have been submitted online
- checking or updating your Marriage Allowance
- telling HMRC about a change of name or address
- checking or updating benefits you get from your employer, e.g., company car details and medical insurance.
- finding your National Insurance number
- finding your Unique Taxpayer Reference (UTR) number
- checking your Simple Assessment tax bill
You can set up your PTA online via the following link:
https://www.gov.uk/personal-tax-account
TAG Accountants – a source of great tax and business advice
As you can see, our goal is to support our clients in running their business effectively, to keep them well informed about the latest developments, and to offer practical guidance that can help make their lives simpler and more manageable.
We warmly invite you to read what our clients have said about the exceptional service we provide by visiting the testimonials section on our website.
Then, if you would like to discover how TAG Accountants can assist you and your business, we would be delighted to hear from you. You are welcome to book an appointment with a member of our experienced tax services team at TAG Accountants Group in Wolverhampton by calling 01902 783172. Alternatively, you can complete our online contact form, and a member of our team will be in touch with you shortly.
We look forward to the opportunity to support you.