Second self-assessment tax payments on account raise half a billion more than in 2016

25.09.2017

Self-assessment receipts for the last three months to the end of August are up by 510 million compared to the same three months in 2016.

Commenting on HMRC’s latest tax statistics, Paul Haywood-Schiefer, Assistant Manager at Blick Rothenberg, said: “Individuals under the self-assessment tax regime are due a second tax payment on acccount each year on 31st July. 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 £9.528 billion. This result is good, as the tax take from self-assessment is half a billion higher than last year.”

He added: “However, as payments on account are based on the previous tax year’s liabilities (year ended 5 April 2016), they are more a reflection of the past than a good indicator for future tax take. Overall, the important stat is that self-assessment receipts are up 15.24% since September 2016, with just over £29 billion taken during this period.”

On other fronts, National Insurance receipts have grown over the last 12 months by 8.63% and stamp duty by 14.03%, but the greatest increase is in corporation tax which has grown by 17.23% in the same period, with just under an additional seven and three quarter billion pounds of additional receipts taken in that time. Total tax receipts now sit at £581 billion in the last 12 months.

For more information, please contact Paul Haywood-Schiefer.