Recently released data from HMRC shows that between April and October 2021 HMRC collected a total of £392bn in taxes which is £99.8bn higher than the same period in 2020
The total tax receipts collected for income tax, capital gains tax and national insurance contributions (NICs), and apprenticeship levy sat at £210.4bn, which is £31.1bn higher than in the same period a year earlier.
Receipts from PAYE income tax and national insurance contributions (NICs) came to £192.4bn which is £20.5bn more than last year. HRMC stated that the number of paid employees increased by 3.6% which is a rise of one million employees while median monthly pay increased by 5.2% from the same period last year.
The tax receipts from self-assessment income tax and NICs were £7.7bn higher than last year at £14.8bn,
HMRC has collected £51bn more in VAT so far this tax year with a total of £92.4bn. In the last month, HMRC has collected £17.1bn more in VAT as the receipts for April to September recorded the total collected as £75.3bn. HMRC said that the cash receipts were higher due to the VAT deferment policy and in percentage terms, receipts were substantially higher.
Corporation tax, bank levy, bank surcharge, petroleum revenue tax, and diverted profits tax brought in £35bn to HMRC which is £7.4bn high than in the same period last year. Receipts for corporation tax were 27% higher than last year at £7.4bn.
Inheritance tax increased with HMRC collecting £3.6bn between April and October 2021 which is £600m, or around 20% more than last year’s figure. In the last month HMRC has collected £500m more in the tax as between April and September it reported its inheritance tax receipts as £3.1bn.