HMRC’s monthly figures show a drop of £822m for December and January
Self-assessment receipts are down by approximately £822m for January and December in comparison to the same time last year, say London chartered accountants Blick Rothenberg LLP following today’s release of HMRC’s monthly tax statistics.
Susan Spash, a partner at the firm said: “This is not wholly unexpected as we settle back into the top rate of income tax at 45%.”
Susan added: “This is probably due to those taxpayers paying tax at the highest rate tax delaying income receipts until the additional rate of tax was lowered from 50% to 45% from 6 April 2013. This is much the same as what happened in the tax year before the 50% rate of tax kicked in, when many taxpayers were able to bring forward income receipts.”
Susan continued: “Whilst self-assessment receipts are down, reflecting the turbulent 2012/13 tax year (as January is the payment date for the balance of tax from that tax year), PAYE receipts for the 12 months to January 2014 are up by approximately £1.8bn compared to the 12 months to January 2013. This is a more current picture of the economy and reflects a fall in unemployment and signs of getting back on track.”