Tax receipts increased by 4.8% in 2018/19

HMRC collected £622.9 billion in taxes on behalf of the Treasury in 2018/19, according to its latest figures. Last year's total figure was an increase of 4.8% on the previous year's total of £594bn, despite an estimated tax gap of £35bn in 2017/18. The record for VAT...

Over-60s earnings income on the rise

People in their 60s and 70s have seen significant income growth in the last 20 years, research from the Institute for Fiscal Studies (IFS) shows. The report says middle-income 60 to 74-year-olds have total incomes more than 60% higher than a similar group would have...

Tax gap rises to £35 billion

An estimated £35 billion of tax due was not paid in 2017/18, according to the most recent tax gap report from HMRC. The report, which measures the difference between the amount of tax that should be paid, and what is actually paid, said this made up 5.6% of total tax...

New measures to prevent late payments

The Government has announced a set of new measures to stop late payment to small businesses, following pressure from business groups. Under the proposed rules, audit committees will be required to report payment practices in their company annual reports. Subject to...

HMRC error affects payments on account

An error with HMRC's systems means some taxpayers may not receive an expected bill for payments on account next month, but will need to pay a much higher bill in January 2020. This warning comes from the Association of Taxation Technicians (ATT), which is advising...