This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

HMRC brings in £513bn tax haul
06 May 2015

HM Revenue & Customs (HMRC) has revealed that it collected £513.5 billion in tax in the 2014-15 financial year.

HMRC’s latest monthly report, published on 23 April, revealed that the total annual tax take has soared by £166 billion since 2003-04, when the figure stood at £347.5 billion.

VAT made up a fifth of the 2014-15 total, coming in at £111 billion, almost £40 billion more than in 2003-04.

Income tax contributed £163 billion and corporation tax £42 billion. Meanwhile, the inheritance tax take climbed to £3.7 billion, close to its previous peak of £3.8 billion in 2007-08.

HMRC said: “Over the last decade IT, CGT and NICs (income tax, capital gains tax and national insurance contributions) have made up on average 56 per cent of total receipts.

“VAT (Value Added Tax) and Corporation Tax (CT) are the next biggest, contributing an average 19 per cent and 10 per cent of total receipts respectively.”

Link: HMRC statistics

Other recent news

Planning your exit? Watch out for the BADR changes
20 March 2025

If you are thinking about selling your business, timing could…
Read more

Paying your employees will cost you more after 6 April
20 March 2025

From 6 April 2025, changes to employer National Insurance Contributions…
Read more

Why you need to meet with your accountant before April
20 March 2025

As the end of the tax year approaches, it is…
Read more

Upcoming Inheritance Tax changes that could affect you
20 March 2025

Upcoming changes to Inheritance Tax (IHT) will be phased in…
Read more

Time is running out to check for gaps in your State Pension!
20 March 2025

If you have had career breaks, worked abroad, or earned…
Read more

»

Case Studies