HMRC Visits GCSE Business &  Enterprise Students

HMRC Enlightens Students on Taxation and Its Impact

Last month, our GCSE Business & Enterprise students had the unique opportunity to attend an insightful talk from three visitors from HM Revenue and Customs (HMRC). These professionals, who work daily in the field of taxation, took time out of their busy schedules to educate our students about the real-world implications of tax collection and its usage.

The session began with a comprehensive presentation that covered key aspects of taxation. Students learned about the various types of taxes collected by HMRC and how these funds are utilised to support public services and infrastructure. One of the most striking facts shared was that the UK Government collects approximately £600 billion in taxes annually!

Throughout the presentation, students were engaged with worksheets designed to reinforce the concepts being discussed. These activities provided a hands-on approach to understanding the complexities of taxation and its importance in maintaining a functioning society.

The HMRC visitors emphasised the significance of tax in funding essential services such as healthcare, education, and public safety. They also highlighted the role of taxation in promoting economic stability and growth.

Students were encouraged to ask questions and participate in discussions, making the session both informative and engaging. The visitors’ real-world experience and expertise brought a practical perspective to the theoretical knowledge students have been acquiring in their coursework.

Overall, the talk was a resounding success, leaving students with a deeper understanding of taxation and its critical role in society. Thank you to HMRC for their valuable contribution to our students’ education and look forward to more such enriching sessions in the future.

TRUE OR FALSE:  Children under the age of 18 do not pay Value Added Tax (VAT) on items they purchase.

False. If you’ve ever bought a chocolate bar the price you paid was a bit more because the business selling it has to pay VAT on it. So even children pay VAT on things they buy! 

There are some items that are zero-rated for VAT which means customers won’t pay tax on them even if businesses are charged tax on them. These include things like books and children’s clothing.