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His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance ...
Businesses and individuals (or their agents) will be required to keep digital records of transactions, and send quarterly updates to HMRC. For income tax, the quarterly updates will provide the totals of income and expenses, and an end-of-period statement must be submitted for each tax year.
The Government Gateway is an IT system developed to allow applicants to register for online services provided by the UK Government, such as obtaining a driving licence and HMRC self-assessment. This replaced the old system of paper submissions.
Agents can make routine tax claims on someone else’s behalf and some may end up taking up to half, or even more, of the payment, HMRC said. Taxpayers could be given stronger protections when ...
In the United Kingdom, a tax return is a document that must be filed with HM Revenue & Customs declaring liability for taxation. Different bodies must file different returns with respect to various forms of taxation. The main returns currently in use are: SA100 for individuals paying income tax. SA800 for partnerships.
Working Tax Credit. Working Tax Credit ( WTC) is a state benefit in the United Kingdom made to people who work and receive a low income. It was introduced in April 2003 and is a means-tested benefit. Despite the name, tax credits are not to be confused with tax credits linked to a person's tax bill, because they are used to top-up low wages.
Variations on this scam have targeted British taxpayers, pretending to be from HM Revenue and Customs (HMRC). Sometimes the scammers use telephone calls, sometimes SMS text messages, and sometimes emails. Versions include: The scammers threaten a lawsuit by HMRC to recover money allegedly owed.
Money services business. A money services business ( MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. The definition was created to encompass more than just banks which normally provide these services to include non-bank financial institutions . An MSB has specific meanings in different ...
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue also administered the Tax Credits ...
Assets Recovery Agency. The Assets Recovery Agency ( ARA) was a non-ministerial government department in the United Kingdom. It was established under the Proceeds of Crime Act 2002 (POCA) to reduce crime by confiscating the proceeds of any crime. It was granted a new power of civil recovery through the High Court, and could also take over the ...