HMRC’s latest annual report and accounts show total revenues collected in 2016/17 of £574.9bn, which is an increase of £38.1bn (7.1%) compared with 2015/16. The report breaks this increase down as follows:
HMRC’s latest annual report and accounts show total revenues collected in 2016/17 of £574.9bn, which is an increase of £38.1bn (7.1%) compared with 2015/16. The report breaks this increase down as follows:
The remaining 5% of total revenue was made up of inheritance tax, insurance premium tax and air passenger duty.
The extra yield from compliance interventions amounted to £28.9bn. This overall figure includes certain estimates, comprising:
Investigations and enforcement action against organised crime generated or protected £3.2bn in 2016/17. HMRC’s latest estimate of the tax gap for this group is £4.8bn for 2014/15.
HMRC’s administration costs, including staff, amounted to £3.8bn, representing 8% of total expenditure, including tax credits and child benefit payments. The cost of collecting taxes remained at 55p for each pound collected.
Details of performance against customer service objectives during 2016/17 are contained in an update to HMRC’s ‘Single departmental plan’. These included:
The National Audit Office (NAO) noted in its report on the latest HMRC figures the increase in tax revenues and that HMRC’s customer service performance had improved ‘significantly’. However, the report also commented that ‘error and fraud is rising within tax credits and HMRC needs to make it easier for claimants to get help’.
‘HMRC is part-way through an ambitious programme to bring in digital services and reduce its costs. In doing so, HMRC must ensure it maintains adequate services if it is to protect revenue and tackle error and fraud’, the NAO said.
HMRC’s latest annual report and accounts show total revenues collected in 2016/17 of £574.9bn, which is an increase of £38.1bn (7.1%) compared with 2015/16. The report breaks this increase down as follows:
HMRC’s latest annual report and accounts show total revenues collected in 2016/17 of £574.9bn, which is an increase of £38.1bn (7.1%) compared with 2015/16. The report breaks this increase down as follows:
The remaining 5% of total revenue was made up of inheritance tax, insurance premium tax and air passenger duty.
The extra yield from compliance interventions amounted to £28.9bn. This overall figure includes certain estimates, comprising:
Investigations and enforcement action against organised crime generated or protected £3.2bn in 2016/17. HMRC’s latest estimate of the tax gap for this group is £4.8bn for 2014/15.
HMRC’s administration costs, including staff, amounted to £3.8bn, representing 8% of total expenditure, including tax credits and child benefit payments. The cost of collecting taxes remained at 55p for each pound collected.
Details of performance against customer service objectives during 2016/17 are contained in an update to HMRC’s ‘Single departmental plan’. These included:
The National Audit Office (NAO) noted in its report on the latest HMRC figures the increase in tax revenues and that HMRC’s customer service performance had improved ‘significantly’. However, the report also commented that ‘error and fraud is rising within tax credits and HMRC needs to make it easier for claimants to get help’.
‘HMRC is part-way through an ambitious programme to bring in digital services and reduce its costs. In doing so, HMRC must ensure it maintains adequate services if it is to protect revenue and tackle error and fraud’, the NAO said.