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Working with HMRC – Her Majesty’s Revenue and Customs

HMRC (short for Her Majesty’s Revenue and Customs) is the government body in the UK responsible for administrating, amongst other things, Value Added Tax (VAT).

In the UK companies with a turnover above a certain level have to be registered for VAT. They can then charge VAT (on behalf of HMRC) for products or services they sell and ultimately this has to be paid across to HMRC. Similarly UK customers are charged VAT by UK suppliers; if you are registered for VAT this can be claimed back from HMRC.

Your system will generate accurate VAT returns automatically. The associated Invoice or Bill (depending on whether you need to claim or pay money from/to HMRC) will be generated with the VAT Return.

The HMRC Tax Authority, like a normal Supplier, keeps track of all the payments to and from HMRC. Like a Supplier it also has a current Balance which indicates whether you owe or are owed money.

How to view the HMRC Tax Authority

  1. From the Explorer click AccountsTax Authorities.
  2. The current list of Tax Authorities will be displayed.
  3. HMRC has been added by default.
  4. Click ‘View‘ view next to the HMRC entry.
  5. This will display the HMRC Document (as shown below).

Viewing the HMRC Document

Viewing the HMRC Document

It is very similar to a Supplier Document.

From the ‘Action‘ Dropdown you can:

  • Create a new VAT Return,
  • Find previous Returns,
  • Enter Bills,
  • Issue Invoices (e.g. VAT refunds),
  • Make arbitrary payments to HMRC,
  • Receive arbitrary payments from HMRC (see below).

Actions available for HMRC

Actions available for HMRC

Also Read About

Working with Suppliers
Working with Tax Authorities
Working with VAT Returns
Configuring VAT
Working with Tax Codes