Define HMRC

What is the HMRC?
Financial Glossary
Define HMRC

HMRC, short for His Majesty's Revenue and Customs, is the government department responsible for managing and collecting taxes in the United Kingdom.

It administers various tax-related matters, including income tax, national insurance contributions, value-added tax (VAT), and other fiscal regulations.

HMRC Example:

HMRC plays a crucial role in ensuring that individuals comply with tax laws related to savings.

They provide guidelines, collect tax payments, and handle tax-related inquiries. It's important to understand and fulfil your tax obligations to HMRC to avoid any penalties or legal issues.

HMRC helps maintain the integrity of the tax system and ensures that everyone contributes to public finances, supporting various government services.

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