Tag Archives: hmrc-annual-report

VAT: HMRC Annual report and accounts to 31 March 2025

By   21 July 2025
0

HMRC has published its annual report and accounts 2024 to 2025 on 17 July 2025.

Highlights

  • Total tax receipts were £875.9 billion – a 3.9% increase from 2023/24
  • VAT revenue was £178.5 billion – an increase of £13.0 billion on 2023/24 figures
  • 5,500 new compliance officers for HMRC
  • A focus on technology transformation including the use of AI
  • Aim to bring in an additional £7.5 billion per year by 2029/30 by an increased use of technology
  • Focus on improving ‘customer’ service (taxpayers!)
  • 310 prosecutions brought as a result of our criminal investigations, securing 281 convictions
  • 76.2% proportion of customer service interactions made through automated or digital self-serve channels
  • 2.8 million number of new HMRC app users
  • 30m+ VAT returns processed by Making Tax Digital for VAT
  • 26-40 hours saved per year, on average, for each business using fully functional MTD for VAT software
  • 78 million declarations made on HMRC Customs Declaration Service
  • £5.1 million financial penalties issued for non-compliance with money laundering regulations
  • HMRC three ongoing priorities:
    • closing the tax gap
    • improving day-to-day performance and the customer experience
    • driving reform and modernisation of the UK’s tax and customs system .

HMRC publish annual report and accounts 2023 to 2024

By   12 August 2024
0

HMRC has publish its latest report and accounts.

Headlines

  • £843.4 billion total tax revenues collected which is a 3.6% increase on 2022 to 2023
  • VAT – gross revenue was  £277.7 billion, less: revenue repayable of £112.2 billion – net revenue was £165.5 billion
  • £41.8 billion tax “protected” by tackling avoidance, evasion and error – including £13.7 billion by promoting compliance and preventing non-compliance before it occurs
  • 83.1% taxpayers satisfied or very satisfied with its online services
  • HMRC app received 88.5 million logins by 3.8 million unique users, a growth rate of over 64% compared with the previous year
  • 40 tax avoidance schemes, 39 promoters and 24 connected persons publicly named
  • 430 new criminal cases and more than 10,200 civil investigations into suspected fraud
  • 3,629 anti-money laundering interventions
  • 1.5 billion suspicious or malicious events blocked by cyber security team every month
  • £1.9 billion tax revenue protected through enhanced repayment and identity verification controls
  • “Customer” satisfaction has decreased to 78.6% from the previous period and missed the low 80% target
  • The percentage of customer correspondence cleared within 15 working was 76.3% and again, the 80% target was missed
  • The telephony adviser attempts handled was a very poor 66.4% and significantly missed the 85% target
  • Total debt balance reduced to £44.6 billion from £45.9 billion at the end 2023.
  • Tax debt as a proportion of total tax revenue fell from 5.4% in 2023, to 5.1% in 2024
  • Tax losses were £5.6 billion, of which £5.0 billion is write-offs and the remainder remissions. ‘Remissions’ is a term used describe money owed to HMRC which it has decided not to pursue
  • Overall service levels on telephony and correspondence remained below service standards and it was recognised that this “caused real difficulties for some customers and agents”
  • Individuals’ rating of trust in HMRC has decreased since 2022 and it has continued to decrease amongst agents and small businesses since 2021

You don’t have to read all 324 pages now!