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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.
A company's tax strategy must set out: (a) the company's approach to risk management and governance arrangements in relation to UK taxation, (b) the company's attitude towards tax planning (so far as affecting UK taxation),
"Reform of corporation tax – A consultation document" (PDF). Inland Revenue (now HMRC), and HM Treasury. August 2002. Archived from the original (PDF) on 6 February 2007 "Corporation tax reform – A consultation document" (PDF). Inland Revenue (now HMRC), and HM Treasury. August 2003. Archived from the original (PDF) on 12 April 2007
When an asset is disposed of and there is a capital gain, there is a potential that there is a requirement to report this capital gain to HMRC. Reporting requirements depend on the nature of the asset. UK residential property. A sale of UK residential property on or after 6 April 2020 must be reported, and any CGT paid, within:
HMRC give details on how to distinguish between the two categories on their website [2] and in their CIRD manual. [3] Further detail can also be found in section 1308 of Corporation Tax Act 2009 [ 4 ] (which in turn updated section 53 of Finance Act 2004) [ 5 ] in relation to the revenue treatment of capitalised costs which relate to intangible ...
HMRC was obliged to refund SDRT improperly levied. [15] A unique feature of SDRT, compared to other purely domestic taxes in the United Kingdom, is that more than 40% of the annual intake is collected from outside the UK, thus creating an annual inflow of approx. £1.5 billion from foreign investors to the UK government.
HMRC’s Corporate Intangibles R&D Manual and; various parts of UK statutory legislation (e.g. as above Corporation Tax Act 2009) Interpretation of the definition is usually straight forward, but is not always problem free.
NICs are payable by employees, employers and the self-employed and in the 2010–2011 tax year £96.5 billion was raised, 21.5 per cent of the total collected by HMRC. [69] Employees and employers pay contributions according to a complex classification based on employment type and income.