Click here to
Get an instant quote

Record tax collected by HMRC

HM Revenue and Customs (HMRC) has announced a record figure of £517 billion in tax collected for 2014/15 in its annual report.

The figure released by the government department sees a £12 billion increase in comparison to 2013/14, and many have put this down to a growing economy and a clampdown on tax avoidance and evasion.

HMRC had to respond to criticism of how it dealt with letters and phone calls, announcing in June that £45 million would be invested in improving the department’s customer service. Its call handling has caused a number of issues over the past few years, especially with regards to the closure of some of HMRC’s contact centres.

The report revealed £210 million in cost efficiency last year as a result of reducing stress, procurement, IT, and workforce costs. This saving contributes to £991 million in sustainable savings over a four-year period to £25 million over its target.

CEO of HMRC, Lin Homer said:

“Our strong performance last year provides very firm foundations for the challenges of transforming HMRC into a smaller, more highly-skilled, digital and efficient organisation and for meeting the Chancellor’s new target of securing £5 billion a year of additional compliance yield by 2019/20.”

The numbers show how much emphasis HMRC is putting on ensuring every penny owed to them is collected. SMEs in areas of the UK such as the North West need to ensure that they don’t offer any inaccuracies in their reporting, which is where an accountant in the Wirral can really show their worth.

Posted by Louise
July 23, 2015

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment