HM Revenue & Customs (HMRC) is the UK Government department responsible for ensuring that the correct tax is paid at the right time, whether this relates to payment of taxes received by the department or entitlement to benefits paid.
Responsibilities of HM Revenue & Customs
HMRC was formed by the merger of Inland Revenue and HM Customs and Excise Departments in 2005.
HM Revenue & Customs is especially important when organisations are dealing with electronic invoicing and services delivered electronically. Varies guidance notes are available on its website as well as on E RADAR
HM Revenue & Customs collects and administers:
Paid by you or your business on money you earn or capital you gain.
- Capital Gains Tax
- Corporation Tax
- Income Tax
- Inheritance Tax
- National Insurance Contributions
Paid by you or your business on money spent on goods or services.
- Excise duties
- Insurance Premium Tax
- Petroleum Revenue Tax
- Stamp Duty
- Stamp Duty Land Tax
- Stamp Duty Reserve Tax
HM Revenue & Customs pays and administers:
- Child Benefit
- Child Trust Fund
- Tax Credits
HMRC protects you by enforcing and administering:
- Border and frontier protection
- Environmental taxes
- National Minimum Wage enforcement
- Recovery of student loans