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HMRC Annual Report

The National Audit Office have now released the HMRC Annual Report for 2015-16

Raised tax revenues on prior year

Released in July 16, the HMRC Annual Report shows an increase of £19.1 billion in 2015-16, which is a 3.7 % increase on 2014-15. HMRC also paid out for benefits and credits for the amount of £40 billion, which is about a fifth of the government's total spend for benefits.

The majority of the tax was raised through Income Tax and National Insurance Contributions, which in total increased by the amount of £10.3 billion, while Corporation Tax increased by £4.1 billion and VAT increased by £2.1 billion. Capital Gains Tax saw a very significant rise of 28.1%, which was up to £7.3 billion for2015-16, while Insurance Premium Tax saw a rise of 27.6% so bringing it up to £3.7 billion for the year. The cost of running HMRC for the year came to a total amount of £3.2 billion, up from 2014-15 in which costs were at the amount of £3.1 billion.

Another key figure that was released was the compliance yield of the HMRC, which found the effectiveness of 'compliance and enforcement' meeting the target of £26.3 billion with the total yield coming in at £26.6 billion.

Tax administering changes

HMRC has plans for improvement of the government department through digital advancements. Their aim is to have by 2021 a staff reduction of 16%, by automating more processes and rationalising their estate. HMRC had planned to invest more than £2 billion on this transformation for the next five years, and had announced plans to close 137 different offices while stating the location of 13 new regional hubs. Plans to replace their IT services contract, Aspire, have been revised so to reduce the risk of carrying out too much change too quick.

   

How we can help you...

With HMRC's stepped up efforts to ensure tax compliance of individuals and businesses it is more important than before to ensure you are keeping your records up-to-date and accurate.

We are able to help our clients with the following services:

Payroll Accountant Exeter Forensic accountancy with audit assignments
Accountant Exeter VAT planning and compliance advice and the preparation of monthly, quarterly or annual VAT Returns
Payroll Accountant Exeter Plan future financing and ensure statutory reporting
Accountants Exeter Fulfil legal obligations for your finances
Accountant Exeter

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