HMRC Publish annual report and accounts 2023 to 2024

HMRC has published its latest report and accounts.

Headlines

£843.4 billion total tax revenues collected which is a 3.6% increase on 2022 to 2023
VAT – gross revenue was £277.7 billion, less: revenue repayable of £112.2 billion – net revenue was £165.5 billion
£41.8 billion tax “protected” by tackling avoidance, evasion and error – including £13.7 billion by promoting compliance and preventing non-compliance before it occurs
83.1% taxpayers satisfied or very satisfied with its online services
HMRC app received 88.5 million logins by 3.8 million unique users, a growth rate of over 64% compared with the previous year
40 tax avoidance schemes, 39 promoters and 24 connected persons publicly named
430 new criminal cases and more than 10,200 civil investigations into suspected fraud
3,629 anti-money laundering interventions
1.5 billion suspicious or malicious events blocked by cyber security team every month
£1.9 billion tax revenue protected through enhanced repayment and identity verification controls
“Customer” satisfaction has decreased to 78.6% from the previous period and missed the low 80% target
The percentage of customer correspondence cleared within 15 working was 76.3% and again, the 80% target was missed
The telephony adviser attempts handled was a very poor 66.4% and significantly missed the 85% target
Total debt balance reduced to £44.6 billion from £45.9 billion at the end 2023.
Tax debt as a proportion of total tax revenue fell from 5.4% in 2023, to 5.1% in 2024
Tax losses were £5.6 billion, of which £5.0 billion is write-offs and the remainder remissions. ‘Remissions’ is a term used describe money owed to HMRC which it has decided not to pursue
Overall service levels on telephony and correspondence remained below service standards and it was recognised that this “caused real difficulties for some customers and agents”
Individuals’ rating of trust in HMRC has decreased since 2022 and it has continued to decrease amongst agents and small businesses since 2021