7

Accounting UK

Last Update 5 months ago

The beginners guide to Accounting for Small Businesses in the UK An Introduction to Accounting for Small Businesses in the UK Difference between VAT in the UK and South Africa Cloud based Accounting Options What does HMRC do?

What does HMRC do?

BRUCE LAISTER

Last Update 7 months ago

HMRC, or Her Majesty's Revenue and Customs, is the UK government department responsible for tax collection, payment of some forms of welfare, and the enforcement of tax and customs laws. Its main functions include:



  1. Tax Collection: HMRC administers various taxes, including income tax, corporation tax, VAT (Value Added Tax), and capital gains tax.
  2. Customs and Border Protection: It oversees customs duties and ensures compliance with trade regulations.
  3. Welfare Payments: HMRC manages certain welfare payments, such as tax credits and child benefit.
  4. Tax Enforcement: The department investigates tax evasion and fraud, ensuring that individuals and businesses comply with tax laws.
  5. Policy Advice: HMRC provides guidance and advice on tax legislation and policy to the government.
  6. Support for Taxpayers: It offers resources and support to help individuals and businesses understand their tax obligations and rights.


Overall, HMRC plays a crucial role in managing the UK’s public finances and ensuring compliance with tax regulations.

Was this article helpful?

0 out of 0 liked this article

Still need help? Message Us