HMRC stands for Her Majesty’s Revenue and Customs. It is a non ministerial department of the British Government. It was formed on the 18th April 2005, formed by the merger of Inland Revenue and HM Customs and Excise. HMRC is primarily responsible for the collection of taxes, it ensures the correct tax is paid at the right time. HMRC is also responsible for investigating Serious Organized Fiscal Crime. The chairman of HMRC is Mike Clasper who leads the board and ensures the government standards.
The UK government collect and administer a range of direct and indirect taxes. lets see that in detail.
Direct taxes – tax paid directly to the government by the persons on whom it is imposed.
- Capital Gains Tax.
- Corporation Tax.
- Income Tax.
- Inheritance Tax.
- National Insurance Contributions.
Indirect taxes – tax paid either by you or your business.
- Excise duties.
- Insurance Premium Tax.
- Petroleum Revenue Tax.
- Stamp Duty.
- Stamp Duty Land Tax.
- Stamp Duty Reserve Tax.
Other aspects of the department responsibility includes:
- Child Benefit
- Child Trust Fund
- Tax Credits.
- Border and frontier protection
- Environmental taxes
- National Minimum Wage enforcement
- Recovery of student loans.
Visit The Official Site Of HMRC For More Details : http://www.hmrc.gov.uk/index.htm