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Value of tax penalties surged by 25% between 2022 and 2023, data shows

A Freedom of Information request has revealed that the value of tax penalties rose by 25% between 2022 and 2023.

12 Jan 2024

A Freedom of Information request has revealed that the value of tax penalties rose by 25% between 2022 and 2023.

The data also showed that HMRC issued £851 million in penalties between November 2022 and October 2023 – a significant rise from the figure of £681 million in 2021/22. The latest figure is the highest value on record for tax penalties.

Experts have warned that the increase in penalties only piles further pressure on businesses and individuals already combating high interest rates and the cost-of-living crisis.

Commenting on the matter, a spokesperson for HMRC said: 'We're committed to helping customers pay the tax they owe, on time.

'We charge penalties to encourage customers to meet their obligations, while acting as a sanction for those who don't.

'If customers are unable to pay on time, they can contact us to discuss their options.'

Businesses and individuals struggling to pay their tax can enter into a Time to Pay arrangement if their tax debts are under £30,000. Such arrangements allow taxpayers to set up a payment plan in order to pay their tax in instalments. 

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020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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