About HM Revenue and Customs
Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) in a governmental department that is responsible for collecting the taxes of businesses and individuals residing in the UK. HMRC are also in charge of administering the regulatory regimes for example the national minimum wage.
They are the UK’s tax, payments and customs authority, and they have an extremely important purpose: they collect the money that pays for the UK’s public services e.g. Police, Ambulances/hospitals and Fire services) and help vulnerable families and individuals with financial support. HMRC help the honest majority to get their tax right and make it hard for the dishonest minority to cheat the system.
HMRC has an annual budget of £4.1billion and has its headquarters based in South West London.
Responsibilities:
- Income Tax, Corporation Tax, Capital Gains Tax, Inheritance Tax, Insurance Premium Tax, Stamp, Land and Petroleum Revenue Taxes
- Environmental taxes
- Climate change and aggregates levy and landfill tax
- Value Added Tax (VAT), including import VAT
- Customs duty
- Excise duties
- Trade Statistics
- National Insurance
- Tax Credits
- Child Benefit
- Enforcement of the National Minimum Wage
- Recovery of Student Loan repayments