Boom year for self-assessment tax receipts

The income tax collected by HMRC through self assessment rose by 33% year-on-year to a record £21.9bn in January 2023 up from £16.4bn the previous year according to HMRC statistics.

Meanwhile the overall tax take for the month reached its highest level of £106.5bn 19% up on the same month last year.

Dawn Register BDO’s head of tax dispute resolution said: ‘After a record 11.7m tax returns filed by the 31 January deadline HMRC will have been expecting high tax collection figures for January. Despite this achievement for HMRC these record figures for self-assessment income tax payments also reflect the impact of frozen tax thresholds and the subsequent increase in the number of people being pulled into the self-assessment tax net.’

The figures are not a true comparison though said Joe Neal manager at Blick Rothenberg ...