Her Majesty's Revenue & Customers (HRMC)

Country: United Kingdom

Overview

HM Revenue & Customs (HMRC) was formed on the 18 April 2005, following the merger of Inland Revenue and HM Customs and Excise Departments. They are similiar to the IRS in the United States, but cover a broader base of taxes. They descibe their mission, as they are here to 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.

They 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.