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Treasury collects £10bn extra in Business taxes

Newsletter issue – May 2024

It has been revealed that companies across the UK have paid £95.2 billion in Business taxes in the financial year just finished (23/24) - a rise of £10.3 billion compared to the year before.

These taxes include receipts from Corporation Tax, Petroleum Revenue Tax, Bank Levy, Bank Surcharge, Diverted Profits Tax, Digital Services Tax, Residential Property Developer Tax, Energy Profits Levy, Electricity Generator Levy and Economic Crime Levy.

For all taxes across the board, total HMRC receipts for April 2023 to March 2024 were £827.7 billion, which is £39.1 billion higher than the same period last year. The figures were revealed by HMRC in one of its latest statistical round ups.

The latest data also contained information on PAYE income tax receipts, which were seen to grow by 11.4% year-on-year. But receipts from income tax collected via self-assessment declined slightly by 1% year-on-year.

If you need any advice on business tax at your organisation, do please get in touch.