The Important Role of HM Revenue and Customs (HMRC)

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Her Majesty’s Revenue and Customs, better known as HMRC, is the governing body in the UK responsible for all matters related to tax, payments, and customs. It’s an impartial body that plays a vital role in the UK’s economy. The body's primary purpose is to collect money from taxes that pay for the public services provided to residents of the UK.

Businesses across the country must comply with various rules and regulations regarding tax filings and payments. Many organisations look to hire qualified chartered accountants and business advisors in the UK to help them deal with HMRC. Even though HMRC provides comprehensive information on processes and other aspects, it is advised to hire a chartered accountant firm to help you deal with the testing waters of the HMRC. Let’s look at how HMRC plays an important role in the UK.

Responsibilities of HMRC

One of the most significant responsibilities of HMRC is to ensure that money from taxes flows through the Exchequer. They’re responsible for the compliance and enforcement of tax collection activities. HMRC is also responsible for ensuring the availability of money to fund public services. HMRC also plays an important role in facilitating legal international trade, provides up-to-date economic statistics, and ensures the protection of the UK’s fiscal and economic policies at the border.

Another important role that HMRC plays is ensuring that the UK tax system is simple, efficient and ensures the ease of filing and paying taxes. Nevertheless, it can be quite beneficial for businesses, especially those with complicated tax structures, to hire a business and tax advisor to help them with their tax filings.

HMRC also helps families struggling with their finances through targeted financial support. They provide tax credits and oversee child benefits and statutory payments like maternity and sick pay.

Importance of HMRC

We all know how important HMRC is when tax collection and ensuring the smooth distribution of funds for public services. However, the body has played and continues to play a vital role to minimise money laundering in the country. The organisation is trusted by many to provide directions and guidance in terms of tax and payments.

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It assists small businesses across the UK with their taxes and finances. It is the sole body responsible for the audits of small and large corporations in the country. Businesses often dread an audit call from the HMRC; they prefer to work with a chartered tax advisor who can help them with their tax needs.

Hire Chartered Accountants in Walsall

If you’re looking for a professional chartered accounting firm in Walsall that can handle all your complicated tax and accounting matters and act as your representative to the HMRC, then you can’t look past IBISS & Co. They’re one of the best personal tax advisors in the UK who will help you in all your complicated tax matters and help elevate your business to new heights! You can contact them today for more information.

 

 

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