Her Majesty’s Revenue and Customs, better known as HMRC, plays an essential role in the country’s overall finance and accounting function. It’s the sole governing body in the UK responsible for all matters related to tax, payments, and customs and plays a vital role in the UK’s economy. The governing body is responsible for the tax collection that pays for the public services provided to residents of the UK.
Businesses operating in the country must comply with the rules set by HMRC regarding tax filings and payments. Most organisations need the help of expert chartered accountants and business advisors in the UK to help them deal with HMRC. Here’s everything you need to know about this significant governing body.
Responsibilities of HMRC
The core responsibility of HMRC is to ensure smooth and seamless collection services. They are responsible for undertaking activities that assist in the tax collection process. The governing body also facilitates legal international trade, is the focal point for up-to-date economic statistics, and ensures the protection of the UK’s fiscal and economic policies at the border.
They have made significant progress in simplifying the entire tax collection process and have amplified their efforts to ease the process 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.
Importance of HMRC
We all know how important HMRC is for tax collection and ensuring the smooth distribution of funds for public services. However, the body continues to play a vital role in minimising money laundering in the country. UK businesses look to the HMRC for guidance on tax and payments. Without a statutory body, it will be hard for businesses to pay their taxes, and the country can suffer economically.
Therefore, HMRC is quite significant for revenue generation for the entire nation. It keeps businesses in check and ensures no tax evasions or illegality. Businesses often dread an audit call from the HMRC and 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.We have employed experienced tax advisers who can help you with your tax returns and find legal ways to reduce your tax bill. We’re one of the best personal tax advisors in the UK! Contact us today for more information.
