New figures from HM Revenue & Customs (HMRC) reveal that receipts for income tax, National Insurance Contributions (NICs) and capital gains tax increased by 3.5% in Q2 2017, due largely to a £510m increase in self-assessment receipts.
Individuals within the self-assessment tax system are required to make a second payment on account for the tax they owe at the end of July, and this year’s second tranche of payments appear to have greatly increased the Treasury’s tax take from self-employed professionals.
"Some people make their payments early, some on time and some a little later, so to get the true picture, you need to look at the three months around the payment on account date.
"The total take during the three-month period was £9.528bn. This result is good, as the tax take from self-assessment is half a billion higher than last year.”
In fact, receipts from self-assessment on the whole are up 15.24% since September 2016, with the Treasury recouping more than £29bn from the self-employed community.
The HMRC’s figures also point to a year-on-year increase of 8.63% in NICs receipts, as well as a 14.03% rise in stamp duty land tax (SDLT). HMRC also sought to highlight that last April saw SDLT receipts reach their highest ever levels for a single month since its introduction back in 2003. This was due in no small part to accelerated activity ahead of the implementation of higher rates of SDLT on additional domestic properties.
Nevertheless, the most significant increase in tax receipts was found in corporation tax, with a 17.23% year-on-year rise, with a further £7.75bn in receipts recouped in that time. In the last year, the Treasury’s combined tax receipts amounted to £581bn.
If you’re a small business or self-employed professional struggling to maintain accurate records for both taxation and VAT purposes, your local TaxAssist Accountant can help.
We can work with you to manage and control your finances and ensure your accounts are filed more efficiently so that you keep on top of the tax you owe. To arrange an initial consultation with your nearest TaxAssist expert, please call us today on 0800 0523 555 or drop us a line using our online enquiry form.