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Tax - HMRC

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What is HMRC?

HMRC is the government department in the United Kingdom responsible for collecting taxes and is commonly known as the Tax Office. The initials HMRC stand for Her Majesty’s Revenue and Customs. HMRC was created in 2005 when the Inland Revenue merged with Her Majesty’s Customs and Excise. HMRC collect taxes payable in the UK including:-

  1. Income Tax both PAYE and self employed
  2. Corporation Tax
  3. Capital Gains Tax
  4. Inheritance Tax
  5. VAT - Value Added Tax
  6. Excise Duties
  7. Stamp Duty Land Tax

HMRC also pays certain entitlements, including tax credits and child benefits along with enforcing the national minimum wage. National Insurance contributions are also collected from both self employed and employed tax payers.

Importantly HMRC calculates and repays any tax refunds to employed and self employed tax payers with income in the UK.

HMRC offers various ways to deal with tax affairs online via their website. Self assessment tax returns can be submitted, for both employed individuals and the self employed and applications for business’s wishing to submit company information such as VAT and PAYE are also available.

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