Business Finance Glossary - H

Hire purchase

A contract to hire goods for a specified period and at a fixed cost. If you pay all the instalments over the agreed period, the goods become your property. However, you may return the goods during the specified period, and not be held responsible for paying any future instalments.

HM Revenue & Customs (HMRC)

UK government department with responsibility for collecting VAT and other taxes and Customs duties. It's also charged with trying to stop illegal imports of drugs, alcohol and tobacco smuggling and preventing VAT and duties fraud.