Concerns over the precarious state of the government’s public finances were
mounting yesterday in a worsening economic downturn and fresh figures showed
growth rate of income tax revenues halving last month.
Moreover, official figures showed the
borrowing in the four months ending in July soared to £19.1bn – up from £10.7bn
in the same period last year, The Times reports.
The net surplus of the public finances for last month totalled £4.8bn but
this was sharply lower than the £6.4bn surplus registered a year ago, according
to Office for National Statistics reports.
Economists warned the underlying deterioration in the public finances was
underpinned by the low 2.9% rise in tax revenues in the financial year to date
compared with the same period last year – considerably below the 4.8% rise in
tax receipts factored in by the Chancellor.
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay