Tax News

Tax News: HMRC is Her Majesty’s Revenue and Customs. It is the tax authority in the United Kingdom responsible for collecting taxes, administering benefits, and enforcing regulations related to customs, excise, and other forms of taxation. Here are some key points about HMRC:

HMRC was formed in 2005 through the merger of two former government departments, the Inland Revenue (responsible for income tax and national insurance) and Her Majesty’s Customs and Excise (responsible for customs duties and excise duties).

HMRC’s main responsibilities include collecting taxes such as income tax, corporation tax, value-added tax (VAT), and excise duties. It also administers various tax credits and benefits, such as Child Benefit and Working Tax Credit. Additionally, HMRC enforces compliance with tax laws and regulations, investigates tax evasion and fraud, and tackles issues related to money laundering and the financing of terrorism.

HMRC provides online services and resources to help individuals and businesses manage their tax affairs. This includes online tax filing systems, tax calculators, and guidance on tax codes and allowances.

HMRC oversees the movement of goods in and out of the UK, ensuring compliance with customs duties, import and export regulations, and trade agreements. It also collects excise duties on products such as alcohol, tobacco, and fuel.

HMRC has powers to investigate suspected tax evasion, fraud, and other forms of non-compliance with tax laws. This may involve conducting audits, inspections, and criminal investigations, as well as imposing penalties and sanctions on offenders.

HMRC collaborates with tax authorities and agencies in other countries to combat tax evasion and avoidance, exchange information on cross-border transactions, and ensure compliance with international tax treaties and agreements.

HMRC works closely with the UK government in developing tax policies and legislation. It provides advice and expertise on tax matters, conducts research and analysis, and engages with stakeholders to shape tax policy in line with government priorities and objectives.

Overall, HMRC plays a crucial role in maintaining the integrity of the UK’s tax system and ensuring that tax revenues are collected fairly and efficiently to fund public services and government activities.  Most of our Tax News is received directly from HMRC.