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In the United Kingdom, a tax return is a document that must be filed with HM Revenue & Customs declaring liability for taxation. Different bodies must file different returns with respect to various forms of taxation. The main returns currently in use are: SA100 for individuals paying income tax. SA800 for partnerships.
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 ...
Tax revenues as a percentage of GDP for the UK in comparison to the OECD and the EU 15. In 1971, the top rate of income tax on earned income was cut to 75%. A surcharge of 15% on investment income kept the overall top rate on that income at 90%. In 1974 the top tax rate on earned income was again raised, to 83%.
In 1995 to help promote self-assessment tax returns, Inland Revenue created the character of Hector the Tax Inspector to help in their advertising campaign. HM Revenue and Customs. The 2004 Budget included proposals to merge HM Customs and Excise with the Board of Inland Revenue to form a new department, HM Revenue and Customs (HMRC).
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Making Tax Digital ( MTD) is a UK government initiative that sets out a vision for the 'end of the tax return ' and a 'transformed tax system', announced in 2015 and originally intended to be in place by 2020. [1] HM Revenue and Customs (HMRC) states that the main goal of MTD is to make tax administration more effective, more efficient and ...
A P60 End of Year Certificate. In the United Kingdom, a P60 ( End of Year Certificate) is a statement issued to taxpayers at the end of a tax year. It is important a taxpayer does not destroy the P60 forms issued to them, as they form a vital part of the proof that tax has been paid. They were also issued in Ireland until the 2018 tax year.
In the United Kingdom, the value added tax (VAT) [1] was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs, primarily through the Value Added Tax Act 1994 . VAT is levied on most goods and services ...
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