25-641: The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation , including income tax , national insurance contributions , capital gains tax , inheritance tax , corporation tax , petroleum revenue tax and stamp duty . More recently, the Inland Revenue also administered the Tax Credits schemes, whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by
50-653: A child under the age of 13. Education expenses might be treated as a tax credit in some countries, such as the American Opportunity Tax Credit in the United States. Payments and refunds include estimated tax payments and amounts withheld from your paycheck. If you've overpaid your taxes, you'll receive a refund. In the United States, a tax schedule is a form that the Internal Revenue Service (IRS) requires taxpayers to fill out in addition to
75-520: A lesser extent, television public information broadcasts in the 2000s and 2010s. The beginnings of the Inland Revenue date from 1665, when a Board of Taxes was set up following the introduction of special taxes to pay for the Second Anglo-Dutch War . A central organisation to supervise the collection of the special taxes was required; it became known as the Tax Office . Taxes administered by
100-416: A tax return depending on circumstances, which are different in each country. Generally, a tax return does not need to be filed if income is less than a certain amount, but other factors such as the type of income, age, and filing status also play a role. Occasionally, there may be situations where the tax return need not be filed, but is filed anyway to receive a tax refund. The tax return is not necessarily
125-416: Is shown below. Government departments in this third and final category can generally be split into five types: Tax returns A tax return is a form on which a person or organization presents an account of income and circumstances, used by the tax authorities to determine liability for tax . Tax returns are usually processed by each country's tax authority, known as a revenue service , such as
150-445: Is that government bodies share the data with each other. Within several European nations such as Denmark and Sweden, governments already provide citizens with prefilled return forms, which a citizen would sign if accurate, and if not, can fix the error on their own or prepare returns themselves. In Denmark and Sweden, 97 percent and 74 percent of taxpayers had their forms prefilled by tax authorities respectively in 1999. The length of
175-454: Is the most widely cited example of an unpopular and most difficult to enforce tax, the Duty on Hair Powder Act 1795 . The last stamp taxes to remain are stamp duty land tax and stamp duty reserve tax ; however the use of physical stamps has ceased. In June 1833, following a steady reduction in the number of different taxes and duties being levied, a single body of commissioners was set up to merge
200-736: The Internal Revenue Service in the United States, the State Taxation Administration in China, and HM Revenue and Customs in the United Kingdom. A tax return reports income, expenses, tax payments made during the year and other relevant information to the taxing authority. It helps to determine whether a tax refund is due. This will depend on whether a person has overpaid on taxes, or was late in paying tax for previous years. A person or organization may not be required to file
225-457: The 18th and early 19th centuries at various times (as financial strains on the economy demanded, and Parliament allowed) stamp duties were extended above a certain threshold of sale value to cover newspapers, pamphlets , lottery tickets, apprentices ' indentures , advertisements, playing cards, dice, hats, gloves, patent medicines , perfumes, insurance policies, gold and silver plate and armorial bearings (coats of arms) . One further category
250-677: The Board of Taxes included the Land Tax , first levied in 1692, along with the window tax and house tax , both of which dated from 1696. In 1785 a number of other miscellaneous taxes, administered by the Stamp Office and the Excise Office, were transferred to the Tax Office; these included taxes on carriages (dating from 1747), on wagons and carts, on male servants (1777) and on horses (1784). Together with
275-562: The House Tax and the Window Tax, they came to be known as the ' assessed taxes' and were intended as a progressive form of taxation on the wealthy. Income tax was introduced in various forms in 1797, 1799, 1803 to 1816, and then reintroduced in 1842 as an annual tax which is formally renewed in each year's Finance Act . A separate Board of Stamps was created by the Stamps Act 1694 . During
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#1732837109916300-403: The Inland Revenue or by its predecessors ( excise duties are not included): The Inland Revenue also received National Insurance contributions and administered child benefit payments and Tax Credits . The leadership and taking of the highest level of decisions is ministerial as the concept of any particular tax and the degree of success in collecting any particular tax rests ultimately with
325-409: The United Kingdom is divided into departments that each have responsibility, according to the government, for putting government policy into practice. There are currently 24 ministerial departments, 20 non-ministerial departments, and 422 agencies and other public bodies, for a total of 465 departments. Ministerial departments are generally the most high-profile government departments and differ from
350-598: The United Kingdom Government King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee The Government of
375-537: The character of Hector the Tax Inspector to help in their advertising campaign. The 2004 Budget included proposals to merge HM Customs and Excise with the Board of Inland Revenue to form a new department, HM Revenue and Customs (HMRC). The merger was implemented by the Commissioners for Revenue and Customs Act 2005 with effect from 18 April 2005. The following taxes were administered at various times either by
400-561: The completion of a tax return depends on the country, but the world average is almost 232 hours. A tax return usually includes the following components. Income consists of the sources of a citizen's revenue , excluding items which are exempt from tax by law. Wages, salaries, income from retirement plans, dividends, interest and capital gains or losses should be considered as a source of revenue. Taxable income includes wages, salaries, rental income, dividends, and business profits, after deducting any allowable deductions. In Australia ,
425-470: The concept of taxable income is central to determining the amount of income tax you are liable to pay. Deductions are items that are subtracted from taxable income, thereby reducing the tax liability. For organizations, most expenses specifically identified with business tasks are deductible . Examples of tax deductions include mortgage interests, student loan interest, contributions to saving plans for retirement etc. In general, taxes paid will be less when
450-412: The final calculation; it may be accepted or not accepted as correct by the government authority. The time and effort involved in filing a tax return varies from country to country, but governments try to help citizens in different ways. Many governments utilize electronic filling and payment systems that keep a record of a person's history of tax returns and refunds. Another notable change in recent years
475-421: The government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit (from 1999). The Inland Revenue was merged with HM Customs and Excise to form HM Revenue and Customs which came into existence on 18 April 2005. The current name was promoted by the use of the expression "from Revenue and Customs" in a series of annual radio, and to
500-553: The other two types of government departments in that they include ministers. A list of all ministerial departments is shown below. The Rt Hon Simon Case CVO Cabinet Secretary, Head of the Civil Service Catherine Little CB Permanent Secretary Non-ministerial departments are headed by civil servants and usually have a regulatory or inspection function. A list of all non-ministerial departments
525-699: The political decisions taken. Of particular relevance are the debates in Parliament in their imposition. The Permanent Secretary to the Treasury has the main advisory, policy informative role to play in the enabling of the department's functions, in liaison with board chairman who bore overall responsibility along with the rest of the board for the operational carrying out of the Inland Revenue's functions. As sub-departments (typically, Offices, Boards and Bureaus) have issued their own taxes or expanded their remit, they too have seen Comptrollers General and Chairmen. An example
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#1732837109916550-680: The revenues of stamps and taxes. The Board of Taxes and the Board of Stamps were formally combined under the Land Tax Act 1834 to form the Board of Stamps and Taxes . The Board of Inland Revenue was created under the Inland Revenue Board Act 1849 , after the Board of Excise and the Board of Stamps and Taxes were amalgamated. Responsibility for excise duties was transferred to the Board of Customs and Excise in 1909. In 1995 to help promote self-assessment tax returns , Inland Revenue created
575-416: The tax return. Tax credits reduce the amount of paid to government entities. Tax credits are more impactful than deductions because they directly reduce the amount of tax owed. If a person has $ 500 in tax credits, and the tax owed is $ 500, the tax credits will reduce a person's liability to zero. Tax credits arise from multiple areas. For example, a person may receive a Child Tax Credit if they care for
600-414: The taxpayer chooses the larger of itemized deductions or the standard deduction . The standard deduction varies according to filing status. In the United States, the standard deduction is higher for older taxpayers (65 and above). If the taxpayer chooses to itemize, such deductions are recorded on Schedule A. Itemized deductions should be supported by documentation which the taxpayer retains after filing
625-468: Was Robert Wilkie Stanton, Comptroller of Stamps and Taxes (Scotland), Board of Inland Revenue. In 2001 the Inland Revenue entered into a Private Finance Initiative within the framework of the STEPS-contract ( S trategic T ransfer of the E state to the P rivate S ector) whereby it sold two-thirds of its estate to Mapeley for £370 million and then leased the properties back. Departments of
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