imported>Doug Williamson |
imported>Doug Williamson |
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| ''UK tax''
| | Any form of finance that does not result in a finance liability appearing on a published balance sheet. |
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| (HMRC).
| | On double entry bookkeeping principles, the asset being financed cannot appear either. |
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| Her Majesty's Revenue and Customs was established in the UK by Act of Parliament in 2005 as a non-ministerial merged Department established by the Commissioners for Revenue and Customs Act (CRCA) 2005, replacing the formerly separate UK Inland Revenue and Customs and Excise.
| | The effect of such financing and accounting methods is to show the entity's borrowings - and financial risk - at a lower level than they really are. |
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| __TOC__
| | ==See also== |
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| | | * [[Balance sheet]] |
| ===Policy maintenance and implementation===
| | * [[Double entry]] |
| *Responsible for safeguarding the flow of money to the Exchequer through collection, compliance and enforcement activities
| | * [[Finance lease]] |
| *Makes sure that money is available to fund the UK’s public services
| | * [[Gearing]] |
| * Facilitates legitimate international trade, protects the UK’s fiscal, economic, social and physical security before and at the border, and collects UK trade statistics
| | * [[IAS 17]] |
| *Administers Statutory Payments such as statutory sick pay and statutory maternity pay
| | * [[IFRS 16]] |
| *Helps families and individuals with targeted financial support through payment of tax credits
| | * [[Liabilities]] |
| *Administers Child Benefit
| | * [[Off balance sheet]] |
| *HMRC is a high volume business; almost every UK individual and business is a direct customer of HMRC
| | * [[Securitisation]] |
| *Aims to administer the tax system in the most simple, customer focused and efficient way
| | * [[Securitisation special purpose vehicle]] |
| *Administers the Government Banking Service
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| ===Responsibilities===
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| *[[Income Tax]], [[Corporation Tax]], [[Capital Gains Tax]], [[Inheritance tax]], Insurance premium tax, Stamp, Land and Petroleum Revenue Taxes
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| *Environmental taxes
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| *Climate change and aggregates levy and landfill tax
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| *Value Added Tax ([[VAT]]) including import VAT
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| *Customs duty
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| *Excise duties
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| *Trade statistics
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| *National Insurance
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| *Tax Credits
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| *Child Benefit
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| *Enforcement of the National Minimum Wage and National Living Wage
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| *Recovery of student loan repayments
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| == See also ==
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| * [[Customs duty]]
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| * [[Direct tax]]
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| * [[Exempt approved status]]
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| * [[HM Treasury]]
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| * [[Inland Revenue]]
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| * [[Internal Revenue Service]]
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| * [[OTS]] | |
| * [[Tax avoidance]] | |
| * [[Tax evasion]] | |
| * [[Tax haven]] | |
| * [[Tax point]] | |
| * [[Tax written down value]] | |
| * [[Taxable person]] | |
| * [[Taxable transaction]] | |
| * [[Taxpayer’s Charter]] | |
| * [[Treasury]] | |
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| == Other links ==
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| [https://www.gov.uk/government/organisations/hm-revenue-customs/about About HMRC]
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| [[Category:Accounting,_tax_and_regulation]] | | [[Category:Accounting,_tax_and_regulation]] |
