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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.
The Association of Revenue and Customs (ARC) is a section of the FDA trade union which represents senior managers and professionals working in HM Revenue and Customs(HMRC). It started life as the Association of Inspectors of Tax (AIT). In 1988, under an 'Instrument of Transfer', it became a section of FDA.
Connect is a new social network analysis software data mining computer system developed by HMRC (UK) that cross-references business's and people's tax records with other databases to establish fraudulent or undisclosed (misdirected) activity.
The Share Incentive Plan (SIP) was first introduced in the UK in 2000. SIPs are a HMRC (His Majesty's Revenue & Customs) approved, tax efficient all employee plan, which provides companies with the flexibility to tailor the plan to meet their business needs.
Until 2019, Customs Handling of Import & Export Freight (CHIEF) is the computer system of the United Kingdom's revenue and customs services, HMRC, used for managing the declaration and movement of goods into and out of the United Kingdom and allowing UK traders to communicate with counterpart customs systems in the other member states of the European Union.
HM Revenue and Customs (HMRC) states that the main goal of MTD is to make tax administration more effective, more efficient and simpler for taxpayers. [ 2 ] The changes are expected apply to a wide range of taxpayers, including most businesses, micro-businesses, self-employed people and landlords, as well as individual taxpayers.
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 ...
Businesses and their agents can use HMRC's Online Filing software [14] to prepare their report and accounts and tax computations in iXBRL format or they can prepare the iXBRL files themselves and submit them to HMRC. HMRC's Online Filing software is an example of a program which generates iXBRL from source data.