8/14/2023 0 Comments Receipts 2021 marchLarge peaks in particular months reflect when the majority of receipts are paid quarterly, with many traders opting to pay in April, July, October, and January, largely corresponding with the end of the financial and calendar years Figure 3, Monthly receiptsįigure 3 above shows the monthly receipts patterns in each tax year since 2020 to 2021 shows: Receipts for April 2023 and May 2023 are £31.7 billion, which is £3.4 billion higher than in the same period a year earlier. The NICs Primary Threshold increase, effective from July 2022, affects HMRC’s NICs receipts from August 2022 onwardsįurther information on Income Tax and personal incomes is available in the personal taxes section published on GOV.UK. The NICs rates increase, effective from April to October 2022, affects HMRC’s NICs receipts from May to November 2022 inclusive Significantly higher receipts in April 2021 to March 2022 compared to the year earlier are partially due to the impacts of the initial onset of the COVID-19 pandemic Growth in receipts in the tax year April 2020 to March 2021 was lower than usual, likely dampened by a combination of reduced economic activity leading to lower tax liabilities and deferral and non-payment of liabilities during the COVID-19 pandemic Peaks in January to April typically capture PAYE bonus-related receipts, particularly from the financial sector Peaks in July and January each year reflect the bi-annual due dates for SA Figure 2, Monthly receiptsįigure 2 above contains the monthly receipts patterns in each tax year since 2020 to 2021 and shows: Net receipts were negative in both April and May, which prior to 2020 to 2021, was not unusual when gross receipts are generally low, but repayments can be relatively high. Receipts from Self Assessment Income Tax and NICs for April 2023 and May 2023 are -£0.3 billion, which is £0.8 billion lower than in the same period a year earlier. Estimates on earnings and employment are available in HMRC’s published statistics. The latest receipts in May largely relate to April liabilities. Receipts from PAYE Income Tax and NIC1 for April 2023 to May 2023 are £73.3 billion, which is £4.9 billion higher than in the same period a year earlier. Receipts for April 2023 and May 2023 are £73.7 billion, which is £4.6 billion higher than in the same period a year earlier. This bulletin includes monthly receipts (on a cash basis) for the last four tax years from tax and duties, NICs, and fines and penalties that HMRC are responsible for administering.įurther background on the methodology, release and quality of these statistics can be found in the quality report for HMRC Receipts on GOV.UK. In percentage terms, receipts were higher for Air Passenger Duty (36%) and lower for Tobacco (39%), and stamp taxes (32%) Figure 1 above provides a comparison of total HMRC receipts for April and May 2023, compared to the same period in the year before in both percentage and monetary terms and shows:Ĭash receipts were higher from Income Tax, Capital Gains Tax and National Insurance Contributions ( NICs) (£4.6 billion), VAT (£3.4 billion), and business taxes (£0.5 billion)Ĭash receipts were lower from stamp taxes (£1.1 billion) and Tobacco (£0.7 billion)
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