HMRC

HMRC Q1 net debt falls 13% to £50bn

The figure for the three months ended June 30 also represents a 31% cut from the highest level of net debt seen during the pandemic in August 2020

HMRC has reported that net debt fell to £50bn in Q1 FY21, a 13% fall from the £57.5bn debt seen at the end of the previous quarter.

The figure for the three months ended June 30 also represents a 31% cut from the highest level of net debt seen during the pandemic in August 2020.

During the pandemic, the tax body has enabled those who cannot pay tax or deal with compliance enquiries to defer payments or interventions where possible.

In turn, compliance yield “remained lower than its usual pre-pandemic level” for the three month period at £7.4m.

HMRC also revealed that its customer satisfaction remained at roughly 83%, with digital services reaching a “record high” of 85.2%.

Looking ahead, the body said that its “immediate priority” is to continue helping customers “comply with their tax obligations and supporting them with the economic impact of the pandemic”.

It added: “As the UK builds back better, we will continue to ensure the right tax revenue comes in and protect the tax system and individuals from fraudulent attack. 

“Our approach to increasing compliance activity will be informed by customers’ individual circumstances, particularly if they are still severely affected by the effects of the pandemic.”

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