What is HM Revenue and Customs (HMRC)?

What Does HMRC Stand For?

HMRC stands for Her Majesty’s Revenue and Customs. It refers to the tax authority of the UK government. Her Majesty’s Revenue Services (HMRC) is a government agency that is responsible for the following:

  • collection of taxes
  • paying for child benefits
  • enforcing the tax and customs laws
  • enforcing the payment of minimum wage by employers

 

What does HMRC stand for? Formed in 2005, Her Majesty’s Revenue Services (HMRC) followed the merger of the Inland Revenue and the Board of Customs and Excise. These were the government agencies that previously took care of internal taxes and customs collection, respectively.

 

What is the Meaning of HMRC?

HMRC holds the authority for the UK’s tax collection, payments, and customs, along with a vital purpose: to collect the money that pays for the UK’s public services and helps individuals and families with targeted financial support. HM Revenue and Customs does so by being impartial and increasingly efficient and effective in their administration. While the honest majority are helped by HMRC to get their taxes right, dishonest minorities may attempt to cheat the system.

 

In 2005, an Act of Parliament established Her Majesty’s Revenue and Customs (HMRC) as a new department, replacing the Inland Revenue and Customs and Excise. HMRC, meaning HM Revenue and Customs, is a non-ministerial Department established by CRCE in 2005. The Commissioners for Revenue and Customs Act (CRCE) (2005) replaced the Inland Revenue and Customs and Excise. They gave the authority to the Commissioners, who were appointed by the Queen, to be the administration of the tax system. These commissioners are chosen straight from the department’s top management. HM Revenue and Customs report directly to the Parliament through their Treasury minister, who oversees the agency’s expenditure.

 

What are the Responsibilities and Priorities of HM Revenue and Customs?

‘Policy Partnership’ is a particular arrangement of policy-making, where the Treasury leads on strategic tax policy and policy development, while HMRC leads on policy maintenance and implementation.

HMRC is responsible for the following:

  • To safeguard the flow of money to the Exchequer through their collection, compliance, and enforcement activities
  • To fund the UK’s public services
  • To help facilitate legitimate international trade, and protect the UK’s fiscal, economic, social, and physical security (before and at the border), and also collect UK trade statistics
  • To administer Statutory Payments, such as statutory sick pay and statutory maternity pay
  • To help individuals and families with targeted financial support through payment of tax credits
  • To administer Child Benefit
  • To keep up with the high volume of business, since almost every UK individual or institute deals with HMRC directly
  • HMRC aims to administer an efficient tax system in the most comprehensible manner, which is consumer-focused
  • They also aim to administer the Government Banking Service.

 

What is HMRC? As for the responsibilities prescribed to the agency, HMRC is responsible for:

  • Different taxes, such as income tax, corporation tax, capital gains tax, inheritance tax, insurance premium tax, stamp, land, and petroleum revenue taxes
  • Environmental tax, climate change tax, aggregates levy, and landfill tax
  • Value Added Tax (VAT), which includes import VAT
  • Customs duty and excise duties
  • Trade Statistics
  • National Insurance
  • Tax Credits
  • Child Benefit
  • Enforcement of the National Minimum Wage (NMW)
  • Recovery of Student Loan repayments

Priorities

The top three strategic objectives of HMRC are:

  1. To collect due revenues and clamp down on avoidance and evasion
  2. To transform tax and payments for all of their customers
  3. To design and deliver a professional, efficient, and engaged organization

You can read their Single Departmental Plan, which is available on their official website. This sets out their objectives in detail, including how they plan to achieve them.

 

The Key Role of HM Revenue and Customs (HMRC)

The job of Her Majesty’s Revenue and Customs (HMRC) is to ensure that the taxation system is implemented correctly and adhered to in an efficient manner. The job of HMRC is to oversee the tax collection and transfer of funds to the Treasury, while also ensuring that the revenue for public service’s funding is readily available. Another role of the tax-related sector of HMRC is to provide education and information to UK individuals and groups in relation to their tax-paying duties.

 

HM Revenue and Customs (HMRC) also administers the Government Banking Service. This service provides reports to Her Majesty’s Treasury in order to enable an accurate cash management system. The other divisions within the agency include the following:

  • The Benefits and Credits Division. This division, in particular, is responsible for the administration and payment of tax credits, child benefits, and statutory payments, which include statutory sick pay and maternity pay.
  • Enforcement and Compliance. As a division, enforcement and compliance handles diverse areas, ranging from taking action against the non-payment of taxes, to recovering unpaid student loans, implementing systems to reduce tax avoidance, and enforcing the payment of the national minimum wage. HMRC, as an agency, can investigate individuals and businesses that are suspected of evading taxes or committing financial fraud. If there is a possibility that the tax authority believes a taxable entity is purposely withholding information related to its income disclosure, then it can proceed further with a criminal investigation.
  • The Customs Arm of HMRC. The customs arm of HMRC focuses on the enforcement of customs, payments, and regulations for international trade in order to collect revenue and prevent the smuggling and illicit trade of illegal goods, such as tobacco, alcohol, petroleum, and so forth. They also need to facilitate the collection of trade statistics or legal international trade for the United Kingdom.

 

Special Considerations

What is HMRC? What are special considerations? A primary function of HMRC is to ensure that the money flows seamlessly from the Chancellor of the Exchequer via its tax collection, compliance, and enforcement programs. There will be a continual movement of funds into the Treasury due to tax collection and the enforcement of tax laws for cases where there is non-payment.

Also, the payment of benefits and tax credits provides practical support to families and individuals who are entitled to such assistance. The enforcement of customs and the pursuit of smugglers is to protect the nation’s interests and encourage international trade that is above-board.

 

The History of HM Revenue and Customs (HMRC) 

Under the Commissioners for Revenue and Customs Act (CRCA) (2005), the commissioners, who were appointed by the Queen to take on the responsibility for the nation’s taxation system, established HM Revenue and Customs (HMRC) as a non-ministerial department.

This is why the agency reports directly to the Parliament through the Treasury, placed under the leadership of the Chancellor of the Exchequer. In return, the Treasury supervises the financial spending made by HMRC.

Prior to the merger of Customs and Excise and the Inland Revenue, a case was presented by the Permanent Secretary of the Treasury. In 2004, the report mentioned that organizational change could offer various improvements in customer service, effectiveness, and efficiency. The merging of direct and indirect revenue departments has been implemented in the past: namely, in the 1849 case of the Board of Stamps and Taxes, which was merged with the Board of Excise, to create the Board of Inland Revenue.

Later, in 1862, a committee was appointed to investigate whether it would be advisable to combine the responsibilities of the Inland Revenue with those of Customs and Excise. However, this proposal was overturned at the instigation of the Inland Revenue.

Later, in 1909, the excise duties were taken from the administration of the Inland Revenue and combined with the Board of Customs, to form together with the Board of Customs and Excise. Yet, another report by the Treasury Committee suggested a merger, revealing the savings that could be made regarding public expenditure and compliance costs.

Finally, the decision to merge the Inland Revenue and the Board of Customs and Excise was agreed upon and announced in March 2004. However, it was met with some skepticism, as the departments had different foundations, be it historically or culturally, and were even different in their legal structures. There was also the fear that the merging could result in a loss of jobs, which became an ongoing reality.

 

Read More: The Financial Action Task Force (FATF) organization.

Read More: What is the role of a Money Laundering Reporting Officer (MLRO)?

Read More: Which countries are stated in the FATF Grey List Countries?

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Tookitaki Appoints Industry Veteran Joe Friscia as Advisor

Tookitaki Holding Pte. Ltd. appointed industry veteran Joe Friscia, former President of NICE Actimize and BAE Systems as Advisor to the Company’s Advisory Board. Joe brings over 25 years’ extensi...

Should Modern Machines Be Ethical?

There are mounting concerns across the globe about the reliability and safety of artificial intelligence (AI) based systems and its enabling technologies such as machine learning (ML). On the air are ...

Tookitaki Raises Another US$11.7 million in Series A; Closes Round at US$19.2 million

– by Abhishek Chatterjee, Founder & CEO The Tookitaki team and I are excited to announce that we have raised an additional US$11.7 million in Series A funding, taking the total investment in...

30 Years of FATF: Notable Facts About Global AML Watchdog

The Financial Action Task Force (FATF), the intergovernmental body formed in 1989 to combating money laundering, is celebrating its 30th anniversary this year. Since its inception, the global agency p...

Tookitaki Joins Aite Financial Crime Forum as Sponsor

Technological advances have fundamentally changed the operational landscape of financial institutions. However, there are also new risks emerging in forms of sophisticated financial frauds and complex...

Will Machine Learning Replace Compliance Professionals?

The impact of modern technologies such as artificial intelligence (AI) and machine learning on job security has been a widely discussed topic today. Of course, AI has advanced very quickly in the last...

6 Most Prevalent Cyber-Laundering Methods in APAC

Despite being a medium to exchange information in real-time and with scale, the Internet is being misused in several ways. Among the slew of financial crimes facilitated by the Internet, money launder...

What Made Us Earn the WEF Technology Pioneer Title

Tookitaki has bagged another global acknowledgement for its outstanding works in the regulatory compliance field. Our company was selected among hundreds of candidates as one of the World Economic Fo...

We Stay as a Team, We Win as a Team and We Flourish as a Team

“Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to a...

ABA Regulatory Compliance Conference: 10 Sessions You Can’t Miss

The 2019 edition of the American Bankers Association (ABA) Regulatory Compliance Conference is a few more days away. Organized by the Washington, D.C.-based trade association, the conference is touted...

Tookitaki AMLS Wins SBR Technology Excellence Award 2019

Tookitaki’s Anti-Money Laundering Suite (AMLS), an end-to-end machine learning-powered transaction monitoring and names screening solution, has bagged the inaugural Singapore Business Review Tec...

Watchdogs Grow Optimistic about AI Prospects at Banks

Proper regulation of banking operations is important as any failure in the banking system would affect the wider economy. Therefore, banking is one of the most regulated industries across the globe. F...

Pitfall of Black Box AI at Banks: Explaining Your Models to Regulators

The use cases of artificial intelligence (AI) and machine learning in front-office, middle-office and back-office activities at banks are growing slowly but steadily. The major areas of AI play includ...

AI for Regulatory Compliance at Banks: 4 Assessments Before You Okay the Solution Proposal

Banking is one of the industries where artificial intelligence and machine learning find their applications at a rapid pace. Regulatory compliance within banking is an area which has become a costly a...

We Believe in Innovation, the Key to Survival and Growth

“Innovation distinguishes between a leader and a follower.” -Steve Jobs What comes on the top of your screen when you google the meaning of the word innovation is – the introduction of somet...

Compliance Functions in Need of a Technological Overhaul. Can Machine Learning be the Game-Changer?

McKinsey in its latest compliance benchmarking survey found that compliance function at financial institutions has reached “an inflection point” and current compliance standards are in an “incho...

Tookitaki Raises US$7.5 mn Series A from Global VCs to Transform Regulatory Compliance

Tookitaki, a regulatory technology company that aims to enable financial institutions to develop sustainable compliance programs, has raised US$7.5 million in Series A round. The round was co-led by L...

From Wachovia to Danske Bank: Biggest Money Laundering Cases in Recent Times

Money laundering – the criminal activity of processing criminal proceeds to disguise their origin – is one of the gravest problems faced by the global economy, and its size is growing rapidly. It ...

A Modern Approach to Address the Reconciliation Challenges of Financial Services

Reconciliation of transactions is deemed critical for the smooth running of every financial institution. The speed and accuracy of data reconciliation can distinguish a successful institution from its...

Busting a Myth: Compliance Officer’s Job is All About Risk

Regulatory compliance has become a dreadful task for banks after regulators across the globe set stricter norms in the aftermath of the 2008 financial crisis in an effort to prevent financial crimes s...

SocGen Goes Next-Gen with Tookitaki Reconciliation Suite

Société Générale leveraged Tookitaki’s Reconciliation Suite to automate the bank’s existing break reconciliation system. Key Challenges Addressed The bank’s finance department was unable to ...

Attending ACAMS Conference in Singapore? Tookitaki Awaits You with Its Disruptive AML Solution

“In today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it.”- Jeff Bezos Singapore is hosting ACAMS’...

MAS’ Stress on Transaction Monitoring for Effective AML/CFT Compliance and Machine Learning is the Answer

Singapore is known for its top-notch AML/CFT regime created through up-to-date legislation, stringent policy and uncompromising supervision to safeguard against the abuse of the city state’s financi...

Mifid II and the Pressing Need for a New Reconciliation Approach

The financial services industry in the EU has been confused with the introduction of a revamped version of the Markets in Financial Instruments Directive (Mifid II). The ambitious regulatory reforms t...

Is Automated Reconciliation Next to Impossible in Today’s Complex Financial World?

The 2008 global financial crisis and fairly new regulatory requirements like Basel III asked financial institutions (FIs) to cut operating costs and adopt a lean operations structure, pushing FIs to r...

Modern Tech to Reshape US AML Compliance with Regulators’ Recent Handshake

George Bernard Shaw once said: “Those who cannot change their minds cannot change anything.” The past week has seen a significant change of mind from financial regulators in the US in their ardent...

Skills Development: We Have Talents and We Strive to Multiply Them

“Mastery lies on an infinite continuum, and as a result, we will never reach the end. We can, however, see to it that we are as far along that continuum as our circumstance allows.” ― Chris Mat...

It’s Our Fourth Founding Day; Taking a Pause to Cherish Our Simple but Awesome Journey

Today, as we step into our 4th year of foundation, I feel proud and honored to be leading Tookitaki that has been successful in creating added value to all its stakeholders. I was never a CEO and Took...

Tookitaki Expands into the US with New Office in Charlotte

SINGAPORE, Sept. 24, 2018: Tookitaki Holding Pte Ltd, a leading regulatory technology company, is pleased to announce the official opening of its North American office in Charlotte, NC, in the Unite...

We Tame Machines but We Unleash Human Spirits

We are well aware of the fact that our progress as an organization is in the hands of our employees. The more energy, time and attention we invest in them, the more yield we receive. So, we always mak...

5 Methods That Modern Money Launderers Use To Beat Detection

Society prepares the crime, the criminal commits it. DID YOU KNOW? Every year, an estimated amount in the range of US$800 billion-US$2 trillion (2-5% of global GDP) is being laundered globally Regulat...

Risk Management Conference: Positive Vibes from All Corners

The Risk Management Association’s (RMA) premier annual event, the Risk Management Conference, came to an end on 6 November, and Tookitaki had the privilege to attend the event which we believe was ...

Singapore Fintech Festival: Tookitaki to showcase advanced machine learning solutions in financial services

Singapore is assured of the Fintech world’s unwavering attention next week, as the city state, is hosting this year’s Fintech Festival during 12-16 November. Touted as the world’s largest platfo...

The RMA Clarion Call to Address Risks and the Tookitaki Way

Risk officers, doing your best today is good while preparing hard for tomorrow is extraordinary. Risk management at banks has become difficult due to operational and regulatory changes. The Risk Manag...