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 rule introduced in the Finance Act 2000 that requires individuals providing services through intermediaries to be taxed as employees rather than self-employed, affecting tax deductions, National Insurance contributions, and expense deductions.
National Insurance Contributions (NICs) are payments made by those with earned income that contribute to the National Insurance Fund, from which various benefits are disbursed including retirement pensions, jobseeker’s allowance, and more.
Pay-as-you-earn (PAYE) is the UK scheme for collecting income tax and National Insurance contributions. It places the responsibility on employers to collect these taxes from employees as payments are made.
The Pay-As-You-Earn (PAYE) system is a method of paying income tax and national insurance contributions to the revenue authorities based on an employee’s regular earnings.
A pay-as-you-go pension system, also known as an unfunded pension system, finances state retirement benefits through contributions from current workers rather than investing contributions for future benefits.
Individuals who independently operate their trades or businesses and are taxed based on their profits rather than through PAYE, with unique National Insurance contributions compared to employees.
