Record tax revenues as inflation pushes people into higher tax bands HMRC, which is responsible for collecting tax, reported incomings of £814bn in 2022/23, an increase of 11.3 per cent, writes CallumCMason
According to the report, HMRC’s estimate of error and fraud for 2022-23 was £1.1bn or 13.3 per cent of expenditure on the schemes, which was more than double its 2021-22 estimate of £469m .
And the report also adds that it set five service standards for its customer services and missed all of them. Inflation has been high for the past year, and a result there has been high pay growth, which was at 7.6 per cent for the private sector in February to April 2023., and paying more money in income and other taxes.
But at the same time, many tax thresholds have not increased in line with inflation. The personal allowance and higher-rate thresholds of income tax are being frozen at current levels until 2028, and this means that in real terms, people are paying more tax relative to their income.Last month, the
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