HMRC takes record tax receipt
£517.7bn taken in 2014/15 - the largest tax receipt in HMRC's history
£517.7bn taken in 2014/15 - the largest tax receipt in HMRC's history
HM REVENUE & CUSTOMS announced today that it collected a record £517.7bn in tax in 2014/15 – an increase of £12bn on the previous year – as a result of economic growth and the continued crackdown on tax evasion and avoidance.
The figures were set out in HMRC’s annual report and accounts for 2014/15, which were published today.
HMRC has been under increasing pressure following cuts and criticism over its handling of phone calls and letters. In June, it was announced £45m would be allocated to improving its ‘customer’ service, as it released statistics which showed an inconsistent call handling performance in 2014/15.
Its performance has been a regular source of problems and criticism in recent years, particularly in the context of its contact centre closures.
The latest report showed £210m in cost efficiencies last year, through continuing to reduce estates, workforce, IT and procurement costs. It brings total sustainable cost savings over the past four years to £991m – exceeding the target by £25m.
CEO Lin Homer (pictured) said: “Our strong performance last year provides very firm foundations for the challenges of transforming HMRC into a smaller, more highly-skilled, digital and efficient organisation and for meeting the Chancellor’s new target of securing £5 billion a year of additional compliance yield by 2019/20.”
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleStricter controls on VAT compliance is set to shut down the “colossal” VAT tax gap. Read More...
View articleThere has been a percentage increase in the number of claims made by companies, but more needs to be done Read More...
View articleThe Targeted Anti-Avoidance Rule was introduced to prevent individuals lowering their tax liability by converting what would otherwise be a dividend i...
View articleIn 2016-17, the average length of time to settle a tax investigation rose to 34 months, up from 31 months in 2015-16. The tax authority has also incre...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleThe report suggests a wide range of reforms focussed on bringing together corporation tax and accounts, including creating five year roadmap for CT re...
View articleIn 2012, HMRC made 591 requests to foreign governments. In 2016, this number stood at 1096, a 7% increase on 1025 requests made in 2015 Read More...
View article