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Tax revenues rise £24bn, offering government optimism amid budget backlash
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class="row"> <div class="col-lg-9"> <div id="primary" class="content-area"> <main id="main" class="site-main" role="main"> <article id="post-151970" class="post-151970 post type-post status-publish format-standard has-post-thumbnail hentry category-news color-red"> <header class="entry-header"> <h1 class="entry-title">Tax revenues rise £24bn, offering government optimism amid budget backlash</h1> <div class="entry-meta"> <span class="posted-on"><i class="fa fa-clock-o"></i> <a href="https://bmmagazine.co.uk/news/tax-revenues-rise-24bn-offering-government-optimism-amid-budget-backlash/" rel="bookmark"><span class="entry-date published">21 November 2024</span><span class="updated sr-only">21 November 2024</span></a></span><span class="cat-links"><span class="caps-uc"><i class="fa fa-folder"></i> <a href="https://bmmagazine.co.uk/news/" rel="category tag">News</a></span></span><span class="byline"> <i><i class="fa fa-user"></i> <span class="author vcard"><a class="url fn" href="https://bmmagazine.co.uk/author/jyoung/">Jamie Young</a></span></i></span> </div> </header> <div class="entry-thumbnail"><img width="850" height="478" src="https://bmmagazine.co.uk/wp-content/uploads/2024/09/Rachel_Reeves_Commons-scaled.jpeg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="The Organisation for Economic Co-operation and Development (OECD) has warned that "significant action" is required to stabilise the UK’s public finances, urging Chancellor Rachel Reeves to reform fiscal policy." decoding="async" fetchpriority="high" srcset="https://bmmagazine.co.uk/wp-content/uploads/2024/09/Rachel_Reeves_Commons-scaled.jpeg 850w, https://bmmagazine.co.uk/wp-content/uploads/2024/09/Rachel_Reeves_Commons-300x169.jpeg 300w, https://bmmagazine.co.uk/wp-content/uploads/2024/09/Rachel_Reeves_Commons-1024x575.jpeg 1024w, https://bmmagazine.co.uk/wp-content/uploads/2024/09/Rachel_Reeves_Commons-768x432.jpeg 768w, https://bmmagazine.co.uk/wp-content/uploads/2024/09/Rachel_Reeves_Commons-230x129.jpeg 230w, https://bmmagazine.co.uk/wp-content/uploads/2024/09/Rachel_Reeves_Commons-710x400.jpeg 710w" sizes="(max-width: 850px) 100vw, 850px" /></div> <div class="row"> <div class="entry-content col-md-9 col-md-push-3"> <p><?xml encoding="utf-8" ?></p> <h2>HM Revenue & Customs (HMRC) has reported a significant increase in tax receipts, providing a much-needed boost to the government following criticism over the recent budget.</h2> <p> According to leading audit, tax, and business advisory firm Blick Rothenberg, total tax receipts have grown by £24 billion over the past year compared to the previous 12 months.</p> <p>Tom Goddard, a Senior Associate at Blick Rothenberg, commented: “The total tax receipts continue to grow year on year after a slight blip in August (where they were just under a billion pounds lower than August 2023) with total tax receipts up £24bn over the last year compared to the 12 months prior. This provides some much-needed financial optimism for the government after a tumultuous budget which had many fearing the worst.”</p> <p>He added: “The total tax collected over the last 12 months is now over £842 billion and getting closer to the £850 billion mark, which will likely be hit in the next month with December traditionally being a good month for revenues.”</p> <p>Goddard highlighted that Labour’s commitment to increasing the national living wage will further boost HMRC’s highest revenue stream—income tax. “Those increases, and indeed those from the <a href="https://bmmagazine.co.uk/news/reevess-national-insurance-hike-prompts-firms-to-consider-moving-jobs-abroad/">Employers’ National Insurance contributions</a>, won’t, however, filter through until after April 2025,” he noted.</p> <p>Despite this, there has already been an approximate 8% year-on-year increase in income tax receipts, surpassing the current 2.3% Consumer Price Inflation (CPI) figure, which itself rose by 0.6% in the last month. “Not only are those wages for the UK’s lowest earners going to continue driving this increased tax taking, but Labour’s affirmation that income tax thresholds and the personal allowance will remain frozen until the 2028/29 tax year will continue to drag more and more people into the higher and upper rate tax bands,” Goddard explained.</p> <p>He also addressed the recent focus on UK inheritance tax, stating: “This tax brings in a relatively modest amount to the total tax take, with the prior 12 months’ total being just shy of £8bn, which is effectively 0.9% of the total HMRC receipts in the same period.”</p> <p>Goddard added that it will take time before any <a href="https://bmmagazine.co.uk/news/farmers-accuse-government-of-betrayal-over-inheritance-tax-changes/">proposed changes to Agricultural Property Relief</a> (APR) and Business Property Relief (BPR) impact tax revenues. “Changes in those two reliefs won’t come through until April 2026, and Inheritance Tax itself is only payable until the end of the sixth month after the date of death. So, at best, anyone caught by that is not going to show through until the November 2026 figures are released.”</p> <hr/> <div class="dcms_author-info"> <div class="dcms_author-avatar"> <img decoding="async" src="https://bmmagazine.co.uk/wp-content/uploads/2024/08/Jamie_Young-110x110.jpg" width="96" height="96" srcset="https://bmmagazine.co.uk/wp-content/uploads/2024/08/Jamie_Young-230x230.jpg 2x" alt="Jamie Young" class="avatar avatar-96 wp-user-avatar wp-user-avatar-96 alignnone photo" /> </div> <h3 class="dcms_author-heading">Jamie Young</h3> <div class="dcms_author-description"> Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting. Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops. When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders. </div> <div class="dcms_author-footer"> <div class="dcms_author-social"> <a href="https://bmmagazine.co.uk/" target="_blank" class="author-url"><i class="fa fa-link" aria-hidden="true"></i></a> </div> <div class="dcms_author-show-all"> <a href="https://bmmagazine.co.uk/author/jyoung/">View all posts <i class="fa fa-angle-right" aria-hidden="true"></i></a> </div> </div> </div> </div> <div class="entry-sidebar col-md-3 col-md-pull-9"> <div class="entry-sharing"> <h3>Sharing</h3> <ul class="dw-social-share dwss-style-1"><li class="dwss-facebook"><a href="javascript.void(0);" rel="nofollow"><i class="fa fa-facebook"></i> <span>Facebook</span></a></li><li class="dwss-twitter"><a href="javascript.void(0);" rel="nofollow"><i class="fa fa-twitter"></i> <span>Twitter</span></a></li><li class="dwss-linkedin"><a href="javascript.void(0);" rel="nofollow"><i class="fa fa-linkedin"></i> <span>LinkedIn</span></a></li><li class="dwss-pinterest"><a href="javascript.void(0);" rel="nofollow"><i class="fa fa-pinterest"></i> <span>Pinterest</span></a></li><li class="dwss-mail" ><a href="mailto:admin@example.com?Subject=Tax%20revenues%20rise%20%C2%A324bn%2C%20offering%20government%20optimism%20amid%20budget%20backlash" rel="nofollow"><i class="fa fa-envelope-o"></i> <span>Email</span></a></li></ul> </div> </div> </div> </article> <nav class="navigation post-navigation" aria-label="Posts"> <h2 class="screen-reader-text">Post navigation</h2> <div class="nav-links"><div class="nav-previous"><a href="https://bmmagazine.co.uk/news/santander-uk-sets-aside-295m-for-car-finance-scandal/" rel="prev">Santander UK sets aside £295m for car finance scandal</a></div><div class="nav-next"><a href="https://bmmagazine.co.uk/news/john-lewis-ceo-criticises-rachel-reeves-over-two-handed-tax-increase/" rel="next">John Lewis CEO criticises Rachel Reeves over ‘two-handed’ tax increase</a></div></div> </nav> <div class="author-info"> <div class="author-avatar"> <img src="https://bmmagazine.co.uk/wp-content/uploads/2024/08/Jamie_Young-110x110.jpg" width="72" height="72" srcset="https://bmmagazine.co.uk/wp-content/uploads/2024/08/Jamie_Young-230x230.jpg 2x" alt="Jamie Young" class="avatar avatar-72 wp-user-avatar wp-user-avatar-72 alignnone photo" /> </div> <div class="author-detail"> <h4 class="author-title"> <a href="https://bmmagazine.co.uk/author/jyoung/" title="Posts by Jamie Young" rel="author">Jamie Young</a></h4> <p class="site-url"><a href="https://bmmagazine.co.uk/">https://bmmagazine.co.uk/</a> </p> <p class="author-description">Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting. Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops. 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