What Is The Inland Revenue?

The Inland Revenue is a division of the UK government specializing in taxation, national insurance, and stamp duty, as well as maintaining the national minimum wage and various other income and goods services. It also handles annual tax returns, separated into SA100 forms for income tax, CT600 for corporation tax, and P35 for PAYE deductions made by employers. From 1996 self-employed taxpayers have been able to self-assess their tax on trading income. They also handle VAT returns, wherein companies can claim back money on VAT paid on goods bought and then sold. Additionally, the Inland Revenue is responsible for handling credit reports, providing a record of an individual's lending history and their potential suitability for credit cards or other financial loans. In April 2005 the Inland Revenue was merged with HM Customs and Excise to form the HM Revenue and Customs department, and while being part of the government infrastructure, does not have elected ministers.