What is HM Revenue & Customs (HMRC)?

Her Majesty's Revenue and Customs (HMRC) is the UK's tax, payments, and customs office. At the same time, HM Revenue and Customs help the honest majority get their taxes right and make it harder for the dishonest few to cheat the system.

History

Under the 2005 Revenue and Customs Commissioners Act, commissioners appointed by the Queen to take charge of the country's tax system established the HRMC as a non-departmental department. Therefore, the agency reports directly to Parliament through the Treasury, led by the Minister of Finance. Treasury, in turn, oversees expenditure by HMRC.

In 1862, a committee was appointed to discuss combining the duties of the Internal Revenue with those of Customs and Monopoly. In 1909, SCT was abolished from the Internal Revenue Administration and merged with the Customs Board to form the Customs and Monopoly Board. 

The decision to merge the Internal Revenue and the Customs and Monopoly Board, announced in March 2004, was met with some skepticism as the two departments have different historical and cultural foundations and legal structures.

HMRC Responsibility

HMRC is a law enforcement agency with a strong criminal investigation staff responsible for investigating Serious Organized Financial Crime. HMRC criminal investigators have extensive arrest, entry, search, and detention powers. We can briefly summarize HMRC's responsibilities as follows;

• Income, Corporate, Capital Gains, Inheritance, Insurance Premium, Stamp, Land and Oil Income Taxes

• Environmental taxes

• Climate change and total tax and garbage tax

• Value Added Tax (VAT) including Import VAT

• Customs duty

• Consumption taxes

• Trade statistics

• National insurance

• Tax credits

• Child benefit

• Implementation of the National Minimum Wage

• Recovery of Student Loan repayments

• Money laundering control

HM Revenue and Customs Priorities

HM Custom and Revenue basically has five strategic goals these are;

• Collecting the right tax and providing the right financial support

• Making it easier to get the tax right and harder to bend or break the rules

• Protecting taxpayers' consent and protecting society from harm through fair treatment

• Making HMRC a great place to work

• Supporting broader government economic goals through a flexible, agile tax administration system

Anti-Money Laundering Registration

The Financial Conduct Authority (FCA) aims to ensure that markets in the UK operate competitively and fairly, benefit customers, staff, and shareholders, and maintain confidence in the UK as a major global monetary center. HM Revenue & Customs, on the other hand, should review the FCA to investigate money laundering crimes. Businesses that must comply with the FCA UK Money Laundering Regulations must be supported by the authorities and registered with HMRC. In addition, there are various regulations that HM Revenue has enacted to combat financial crimes and these regulations. The anti-money laundering regulations established by HM Revenue and Customs apply to some institutions in the UK.

Organizations subject to legislation are regularly audited. Industries overseen by HMRC include bill payment service providers not regulated by the Financial Conduct Authority, Money service businesses not regulated by the Financial Conduct Authority, high-value dealers, corporate service providers not audited by the Financial Conduct Authority or a professional body, real estate agency, renting to agency companies, Digital, telecommunications, art market participants and IT payment service providers not regulated by the Financial Conduct Authority(FCA).

Check Out HM Revenue & Customs Related Contents

HMRC AML Supervision Annual Assessment

HM Revenue & Customs Money Laundering Regulations

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