In the UK, the basic rate of income tax is the lower band of income tax rates, currently set at 20%. This rate applies to the first £32,000 of taxable income for the 2016-2017 tax year.
HM Revenue and Customs (HMRC) is the UK government department responsible for the care, management, and collection of direct and indirect taxes, National Insurance contributions, and customs and excise duties within the UK. It was established from a merger of the Board of Inland Revenue and the Board of Customs and Excise in April 2005.
HMRC, or Her Majesty's Revenue and Customs, is the UK government department responsible for the collection of taxes, administration of national insurance, and overseeing various forms of statutory payments.
A resident is an individual or company that is considered to be based in the UK for taxation purposes, determined by specific criteria set by HM Revenue and Customs (HMRC).
The starting rate of income tax was a former rate of income tax in the UK, set below the basic rate of income tax. It replaced the lower rate in 1999 and was abolished in April 2008.
Value Added Tax (VAT) registration is an obligation for businesses making taxable supplies that exceed a set registration threshold within a specific period, requiring them to register for VAT.
