Customs and Excise refer to government agencies responsible for collecting taxes on goods imported into or exported out of the country, as well as enforcing regulations related to these activities.
The refund of import duty by HM Revenue and Customs when imported goods are re-exported. Payment of the import duty and claiming the drawback can be avoided if the goods are stored in a bonded warehouse immediately after unloading from the incoming ship or aircraft until re-export.
A duty or tax levied on certain goods consumed within a country, such as alcoholic drinks and tobacco products, unlike customs duty which is levied on imports.
A concession made by HM Revenue and Customs (HMRC) to taxpayers, usually followed in practice but not specified in the tax legislation.
A gift with reservation is a type of gift where the donor retains some benefit from the asset despite having transferred ownership to another party. This concept is pertinent in taxation and estate planning.
A detailed explanation of the classification of higher-paid employees under UK tax law, encompassing remuneration, benefits, and reimbursed expenses.
A financial penalty imposed for significant inaccuracies in VAT returns, including understating VAT liability or overstating VAT refunds.
An intricate VAT fraud in which individuals or businesses claim repayment of VAT on the export of goods to fictitious purchasers in other EU countries. Involves a complex trail of transactions across multiple member states.
A valuation of all the assets included in the estate of a deceased person at the date of his or her death, taking into account any restrictions on the use of the assets. This value is primarily agreed upon with HM Revenue and Customs for the purpose of calculating inheritance tax.
A system that enables taxpayers to assess their own income tax and capital gains tax liabilities for the year. Since 1996-97, self-assessment has become a significant component of the UK tax return system, encapsulating details on taxable income, chargeable gains, and claims for personal allowances.
A tax assessment is a schedule issued by HM Revenue and Customs (HMRC) showing a calculation of a taxpayer's liability to income tax. Income sources are identified separately, and individuals could receive multiple tax assessments for each fiscal year, depending on the number of different income sources.
A tax credit is a tax incentive that allows certain taxpayers to subtract the amount of the credit from the total they owe the state. It can be used in various contexts such as dividends paid by a company, allowances against a tax liability, and social security payments in the UK.
The span of time covered by a value added tax (VAT) return, usually encompassing three calendar months. VAT returns must be completed and submitted to HM Revenue and Customs within one month following the end of this tax period.
Under the value added tax (VAT) rules, the tax point is the date on which goods are removed or made available to a customer or when services are completed. It determines the tax period for which the output tax must be accounted.
A tax return is an annual statement of income and personal circumstances filed by a taxpayer to calculate and report individual tax liabilities and claim personal allowances.
Tax tables are guides issued by HM Revenue and Customs to assist employers in calculating the tax due from their employees under the pay-as-you-earn (PAYE) system.
Under VAT regulations, the disposal of a business by a registered trader to another VAT-registered trader, on which VAT is not charged. However, new measures were introduced in the 2004 Budget to counter VAT-avoidance schemes utilizing the rules on TOGC. HM Revenue and Customs (HMRC) is responsible for applying these rules.
An informal name for an employee of HM Revenue and Customs dealing with value added tax. It is often used to refer to a VAT Inspector responsible for routine VAT inspections.
