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Under MTD, taxpayers will send HMRC summaries of their income and expenditure at least four times a year. HMRC says this will enable a more ongoing and accurate projection of tax due, as opposed to the current system of one tax bill at the end of the year. To do this, taxpayers will need to integrate their accounts with software in some way.
The UK government has a list of professional associations approved for tax purposes (this includes some non-UK based associations, which are not included here). [1] There is a separate list of regulators in the United Kingdom for bodies that are regulators rather than professional associations.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
Generally Accepted Accounting Practice in the UK, or UK GAAP or GAAP (UK), is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom.
The subscription business model is a business model in which a customer must pay a recurring price at regular intervals for access to a product or service.The model was pioneered by publishers of books and periodicals in the 17th century, [1] and is now used by many businesses, websites [2] and even pharmaceutical companies in partnership with governments.
An extra-statutory concession (or ESC) is a concept under United Kingdom tax law whereby HM Revenue and Customs grants certain concessions to taxpayers to mitigate their tax liabilities even though the relevant allowances would not strictly be allowed under the terms of the tax legislation.
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The following is a list of regulators in the UK. Regulators exercise regulatory or supervisory authority over a variety of endeavours. In addition, local authorities in the UK provide regulatory functions in a number of areas. Professional associations also act to regulate their memberships. The UK is also bound by a number of European and ...