Welcome to the latest edition of Business & Tax news and developments round up presented by Naail & Co.
HMRC Call Response Issues in August
In August, 2.4 million calls were made to HMRC, with 1.7 million requesting assistance from an adviser. However, fewer than 75% of these callers were able to speak to an adviser, leaving over 426,000 taxpayers without support.
Over the year, 62.3% of 15.1 million calls were answered, meaning 3.8 million taxpayers had unresolved inquiries to date.
Following criticism, HMRC has reduced average wait times to 17 minutes and 24 seconds, down from 28 minutes and 34 seconds in April. Additionally, the proportion of callers waiting over 10 minutes has improved from 75% in July to 62%.
Top 100,000 Taxpayers Contribute One-Fifth of UK Tax Revenue
In 2022/23, total capital gains and income tax receipts reached £262.6 billion. Of this, the top 100,000 taxpayers contributed over £53 billion, covering one-fifth of the total. Notably, the top 100 earners alone paid £3.93 billion—around 1.5% of the total tax revenue—with each contributing an average of £39 million. The remaining 34.6 million taxpayers paid nearly £209 billion.
