What is HMRC? What are the different responsibilities of HMRC?

Have you ever wondered what are the different responsibilities of HMRC?

HMRC basically is His Majesty’s Revenue and Customs, which is responsible for tax collection and returns in the UK. It collects money from taxes that is further used for the United Kingdom’s public services. Moreover, It works to assist people in filing tax returns and has simplified the process a great deal.

When was HMRC established?

HMRC was established in the year 2005 to regulate the entire tax regulation process in the United Kingdom. The organization reports to parliament through the treasury minister who supervises the operations of the department.

What are the Responsibilities of HMRC?

HMRC is responsible for various Key operations in the United Kingdom’s economy. These responsibilities include the following:

Capital Gains, Income Tax, Corporation Tax, Petroleum Revenue Taxes, and Environmental Taxes

Customs and Excise Duties

National Insurances and Tax Credits

Student Loans and Repayments

VATs

HMRC Charter:

HMRC has its official charter that confirms the priorities of HMRC and prioritizes accurate and trust-based operations.

Corporation Tax and HMRC:

Limited Companies regularly interact with HMRC for annual tax returns. Their responsibilities include registering companies for Tax returns while also giving them deadlines for tax submissions. As a result, the Companies File these annual tax returns with HMRC.

The UK law requires these companies to file regular tax returns and pay Corporation Tax. Therefore, Companies submit their details to HMRC. Following that, HMRC assigns them the deadline for tax submission.

Any failure to meet these deadlines or mistakes in tax returns lead to fines, penalties, and suspensions. Also, this can create issues and problems for companies and businesses.  To avoid this, you may seek the help of expert Company formation agents and agencies. They can also help you in filing tax returns and make the whole process cost-friendly.

With helpful advice from Company formation Agencies like Liscard Business Centre, you can save a lot of money in taxes.

Liscard Business Centre

Liscard Business Centre is a company formation service that offers different packages for company formation in the UK. If you want to register your businesses anywhere in the UK (that includes England, Scotland, Wales, and Northern Ireland), Liscard Business Centre would love to help. We can help you in forming your companies in much shorter periods of time while also saving you considerable sums of money.

Registration, Documents Verification, Banking Details, Statements of Association, and Official Addresses are all managed by Liscard Business Centre.

Contact now!