Definition
HMRC (Her Majesty's Revenue and Customs) is the tax authority of the United Kingdom responsible for the administration and collection of taxes, customs duties, and other revenue streams. HMRC ensures compliance with tax laws and regulations, processes tax returns, provides taxpayer services and guidance, and investigates cases of tax evasion or fraud to protect public revenues and fund government services and programs.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.