HMRC (Her Majesty's Revenue and Customs)
Her Majesty’s Revenue and Customs is the part of the UK Government that collects taxes and duties and administers certain government payment or regulatory schemes. HMRC collects many different types of tax including income tax, VAT, corporation tax and other types of tax.
Individuals or organizations may need to pay tax on, or seek tax relief from money that is being sent or received internationally. Tax liabilities for currency exchange will vary widely by individual circumstance, where money was earned and tax arrangements between the UK and other countries. When filing a tax return, HMRC may ask about money that is held overseas.
Money transfer providers must also comply with HMRC rules to reduce the risk of money laundering and terrorist financing. Money transfer providers will supply certain personal information to HMRC regarding the individual or organization initiating a currency exchange and the intended recipient. Money transfer providers may seek additional verification from customers to meet their regulatory requirements with HMRC.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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