HMRC stands for Her Majesty’s Revenue and Customs. HMRC’s responsibility is to collect tax, paying child benefits, protecting the UK borders against illegal activity, and enforcing the payment of minimum wage by employers.
People often use ‘tax man’ or ‘tax office’ while referring to HMRC. The logo of the department is St Edward’s crown enclosed in a circle.
Also read: Your Online Resources on Insurance
Functions of HMRC:
- HMRC’s responsible for protecting the flow of money to the exchequer through collection, compliance and enforcement activities
- They ensure that money is available for UK’s public services
- They protect the UK’s fiscal, economical , social and physical security.
- Their role is to administer statutory payments such as sick pay, maternity pay
- To provide financial support to the families and individuals through payment of tax credits
- To administer child benefits
- To administer tax system in efficient way
- To administer the government banking service
- Every UK business and individual is a direct customer of HMRC
Responsibilities of HMRC:
- All the tax system such as Income tax, corporation tax, Insurance premium tax, Capital Gain tax, Land and Petroleum Revenue Taxes and other taxes
- HMRC is responsible for environmental tax
- Value Added Tax
- Customs duty
- Excise duty
- Payments of Tax credit
- National Insurance
- Distribution of Child benefit, recovery of student loan payment
- Enforcement of National Minimum Wage
You can contact HMRC on 0300 200 3300 for PAYE related inquiries. There are other phone numbers as well depending upon the department and type of inquiry you need.
Third parties include banks, accountants, financial institutions, lawyers and estate agents. And also, a proposal of the tribunal to keep the taxpayer in dark about the investigation of his accounts by HMRC. But things remain the same, nothing has been concluded on these new proposals.