![receipts 2021 receipts 2021](https://www.susanresnickconsulting.com/uploads/1/0/2/2/102238888/fake-receipt_orig.jpg)
The higher than usual receipts received in March 2021 to January 2022 is due to significant payments of VAT previously deferred as part of the VAT payment deferral schemeĪlongside payments of deferred VAT, receipts since April 2021 have also increased as a result of economic recovery from the Covid-19 pandemicįurther information and statistics on VAT are available in the business tax statistics section on GOV.UK. Receipts dropped significantly between March 2020 and June 2020 due to the VAT payment deferment policyįurther reductions in receipts across the April 2020 to March 2021 financial year can be attributed to economic impacts of the Covid-19 pandemic as well as the temporary reduced rate of 5% for hospitality, holiday accommodation and attractions The large peaks in particular months reflect when the majority of receipts are paid quarterly, with many traders opting to pay in April, July, October, and January, and this is largely as it corresponds with the end of the financial and calendar year Figure 3, Monthly receiptsįigure 3 above shows the monthly receipts patterns in each tax year since 2019 to 2020 shows: Payments through the VAT payment deferment policy, have now largely ceased, however comparisons to last year remain unrepresentative, alongside wider economic impacts relating to coronavirus. Receipts for April 2022 to June 2022 are £37.0 billion, which is £1.8 billion higher than in the same period a year earlier. NIC receipts in April 2022 reflect March and earlier liabilities, so therefore do not reflect the increase in NICs rates effective from April 2022 which are received in receipts from May 2022 onwardsįurther information on Income Tax and personal incomes is available in the personal taxes section published on GOV.UK.
![receipts 2021 receipts 2021](https://img.thrfun.com/img/253/963/save-fast-food-receipts_tx2.jpg)
The significantly higher receipts in April 2021 to March 2022 compared to the year earlier are partially due to the impacts of the initial onset of the Covid-19 pandemic Lower than usual growth in receipts of £2.4 billion (0.7%) in the tax year April 2020 to March 2021 is likely dampened by a combination of reduced economic activity leading to lower tax liabilities and deferral and non-payment of liabilities during the Covid-19 pandemic Receipts peak in July and January each year, reflecting the bi-annual due dates for SAįrom January to April, monthly receipts are also at higher levels as they typically capture PAYE bonus-related receipts, particularly from the financial sector Figure 2, Monthly receiptsįigure 2 above contains the monthly receipts patterns in each tax year since 2019 to 2020 and shows: Receipts in June largely reflect May liabilities, and early estimates in HMRC’s published statistics on earnings and employment shows the number of paid employees increasing by 3.9% (which is a rise of 1,118,000 employees), while median monthly pay increased by 5.4%, compared with the same period of the previous year. Receipts from PAYE Income Tax and NIC1 for April 2022 to June 2022 are £98.2 billion, which is £13.4 billion higher than in the same period a year earlier. Receipts for April 2022 to June 2022 are £99.5 billion, which is £12.2 billion higher than in the same period a year earlier. Income Tax, Capital Gains Tax & National Insurance Contributions This bulletin includes monthly receipts (on a cash basis) for the last four tax years from tax and duties, NICs, and fines and penalties that HMRC are responsible for collecting.įurther background on the methodology, release and quality of these statistics can be found in the quality report for HMRC Receipts on GOV.UK. In percentage terms, receipts were higher from stamp taxes (27%), Inheritance Tax (19%), business taxes (14%), Income Tax, Capital Gains Tax & NICs (14%) and VAT (5%)Ĭash receipts from Air Passenger Duty were higher by £0.6bn and in percentage terms, receipts were substantially higher though this is not shown in figure 1 Figure 1 above provides a comparison of total HMRC receipts for April to June 2022, compared to the same period in the year before in both percentage and monetary terms and shows:Ĭash receipts were higher from Income Tax, Capital Gains Tax & National Insurance Contributions ( NICs) (£12.2 billion), business taxes (£2.0 billion), Value Added Tax ( VAT) (£1.8 billion), and stamp taxes (£1.1 billion)