Monday 28 May 2012  

Glossary

HMRC

HM Revenue & Customs (HMRC) was formed on the 18 April 2005.

Before that the two departments were separate - being the Inland Revenue and HM Customs and Excise Departments.

the main purpose of HMRC is to ensure the correct tax is paid at the right time.

They arte responsible for all taxes including income, corporation , paye and vat.

They also deal with tax credits and the child trust funds.

They are very separate from Companies House and the two bodies do not 'talk' to each other.

So do not assume that if you have filed something at HMRC then Companies House automatically get it because they don't!

HMRC have many departments. Each of these departments are separate and there is little communication between them. So for example if you want o change your address you will need to tell all relevant departments, e.g.:

In addition HMRC operate different bank accounts for the payment of different taxes. So you need to find out which bank account to use when you want to pay your tax.