Search results
Results from the WOW.Com Content Network
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 numbers.
Before the advent of Real Time Information (RTI), at the end of the tax year, employers operating PAYE schemes had to report to HMRC their employees, the total that had been paid to them, the amounts of income tax and national insurance contributions (NICs) that had been deducted from those payments, and the amount of employer's NICs due. This ...
More recently, the Inland Revenue also administered the Tax Credits schemes, [1] whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by the government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit (from 1999).
An individual makes an application for WTC to HM Revenue and Customs (HMRC). HMRC calculates a provisional amount of tax credit to be awarded. It is based on the previous tax year's income and current circumstances. The tax credit is then paid in weekly or four weekly instalments to the claimant via bank account until the end of the tax year, 5 ...
For a basic rate tax payer this means they have no tax to pay on a dividend. There is no overall limit on how much a person can have invested in ISA accounts, but additional investments are currently limited to £20,000 per person per year, either in cash funds, mutual funds (Units Trusts and OEICs), or individual self-selected shares. [45]
Typically, the withheld tax is treated as a payment on account of the recipient's final tax liability, when the withholding is made in advance. It may be refunded if it is determined, when a tax return is filed, that the recipient's tax liability is less than the tax withheld, or additional tax may be due if it is determined that the recipient ...
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
First introduced in 1999, the accounts have favourable tax status. Payments into the account are made from after-tax income, then the account is exempt from income tax and capital gains tax on the investment returns, and no tax is payable on money withdrawn from the scheme.