HMRC (Her Majesty’s Revenue and Customs) is a department of the UK government responsible for the administration of tax law in England and Wales, Scotland, Northern Ireland, and the Isle of Man. HMRC was formed by the merger of the Inland Revenue and Her Majesty’s Customs and Excise. It depends on its assigned tasks to administer other parts of UK law such as Value Added Tax (VAT) for chargeable transactions involving goods or services imported from outside the European Union.
Who started HMRC?
HMRC was started in 1854 by George Rose. This was done during the Victorian Era to provide a tax service for British Empire, which is now the United Kingdom. HMRC is separate from the taxpayer as it collects taxes on behalf of the government. The name HMRC was used for commercial and custom purposes before it became an acronym for Her Majesty’s Revenue and Customs.
How much tax does HMRC collect?
HMRC is trying hard to collect as much as they can in taxes each year. In the tax year of 2011-2012, HMRC collected a total of 3.4 trillion pounds for the UK government. This is an increase from the previous year when it was 3.2 trillion pounds and 3.1 trillion pounds in 2010-2011.