HM Revenue and Customs
From SR
History
HM Revenue and Customs (HMRC) was formed on the 18 April 2005, following the merger of Inland Revenue and HM Customs and Excise Departments.
Roles
HMRC is responsible for collecting the bulk of tax revenue, as well as paying Tax Credits and Child Benefits, and strengthening the UK's frontiers. HM They ensure 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.
HMRC Collect and Administer:
- Direct taxes - 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
- Indirect taxes - 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
- VAT
HMRC Pay and Administer:
- Child Benefit
- Child Trust Fund
- Tax Credits
HMRC Enforce and Administer:
- Border and frontier protection
- Environmental taxes
- National Minimum Wage enforcement
- Recovery of student loans
