HMRC Reports Record £875.9bn in Tax Revenue

01/08/2025 - HMRC Update
HeaderImage

HMRC has published its Annual Report and Accounts for 2024–25, revealing a record-breaking £875.9 billion in tax revenues. The report also highlights strong progress on compliance, digital transformation, and customer engagement - key areas that impact taxpayers and the bookkeeping profession.

The full update, summarised below, may be of particular interest to ICB members supporting clients through Self Assessment, Child Benefit claims, or digital onboarding. 

Key Highlights from the 2024–25 Report: 

  • Tax Revenue: HMRC collected £875.9 billion, up 3.9% from the previous year. An additional £48 billion was recovered through compliance work targeting avoidance, evasion, and other non-compliance. 

  • Digital Services: The HMRC app now has over 5.9 million users, with 83% of Child Benefit claims made online. Continued investment in digital self-serve tools aims to improve efficiency and free up advisers for more complex support. 

  • Updated Tax Policy Principles: The Government published updated principles to support better tax policy making—focusing on stability, smarter consultation, and transparency. 

  • Support for Young Workers: HMRC encourages young people entering summer jobs to download the app to access their NI number, tax code, and employment history. 

  • Side Hustles & Self Assessment: HMRC reminds anyone earning over £1,000 from side income (such as selling online or content creation) to check if they need to register for Self Assessment before the 31 January 2026 deadline. 

  • Child Benefit: Parents of teenagers aged 16–19 are reminded to renew their Child Benefit claim online by 31 August 2025 to avoid payments being stopped. 

  • Stamp Duty Scams: HMRC has warned homebuyers to be cautious of third parties offering bogus SDLT refund claims, following a key Court of Appeal decision. 

  • Winter Fuel Scam Alert: Over 15,000 reports of Winter Fuel Payment scams were received in June alone. HMRC urges the public to stay alert to phishing messages and fake websites. 

  • 10-Year NHS Plan: The Department of Health has launched a new plan to deliver more NHS services in local communities and via digital tools, including a major upgrade to the NHS app. 

  • Consultation Outcomes: HMRC has published the results of its consultation on statistical publications, with changes shaped by responses from stakeholders including professional bodies. 

  • Engagement Events: At its Dragons’ Den event, HMRC senior leaders heard proposals from private sector partners about improving services and encouraging digital adoption. 

Read the full Annual Report and Accounts 2024–25 on GOV.UK. 

Twitter - Our Tweets

loading