HM Revenue & Customs News: Latest Updates and Developments
Keeping up with HM Revenue & Customs news is crucial for businesses and individuals alike.
londoninsider.co.ukHere are the latest HM Revenue & Customs (HMRC) news highlights I could verify recently:
- HMRC continues to report strong tax receipts and ongoing modernization efforts. The National Audit Office noted that HMRC collected about £843.4 billion in revenue for 2023-24, with related measures to improve compliance and debt management [NAO overview, 2023-24]. This indicates steady growth in receipts and ongoing enforcement and efficiency efforts [NAO overview, 2023-24].[2]
- The 2023-24 HMRC Annual Report and Accounts emphasizes continued compliance yields, with a reported £41.8 billion in compliance yield in 2023-24, exceeding the previous year and top targets in that period [HMRC Annual Report and Accounts 2023-24]. This reflects intensified efforts to close gaps in tax collection and strengthen enforcement [HMRC Annual Report and Accounts 2023-24].[3]
- Post-Brexit updates remain a theme, with HMRC continuing to refine VAT and customs procedures for UK trade, including digital tools to streamline declarations and reduce delays at borders, alongside guidance for businesses navigating new import/export requirements [VAT and customs post-Brexit updates and HMRC guidance].[1]
If you want, I can pull more current items (e.g., press releases, official statements) and summarize them with dates and key implications for businesses and individuals in the UK. I can also provide links to the primary sources for each item.
Would you like me to fetch the official HMRC press releases from their site and give you a concise, date-stamped briefing?