Taxman rides self-employment gravy train

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The UK’s self-employment boom has helped HMRC line its pockets with over £50 million in Income Tax payments so far this year.

Figures published by the Office for National Statistics (ONS) reveal that the Revenue raked in £15.4 billion from self-assessment tax returns in the first three months of 2015, an increase of more than 15% when compared to the same period last year.

Last month, the taxman received £447 million from self-employed professionals – almost 3.5% of its total Income Tax haul. This is a significant increase on the £235 million achieved in March 2014 – which represented just 1.9% of Income Tax receipts.

As we predicted, the taxman was able to beat its 2013-14 tax year income of £492.6 billion. The ONS data revealed that £513.6 billion was brought in by HMRC during 2014-15 – helped by a £2.8 billion jump in self-assessment payments.

It was good news across the board for the taxman, as it managed to recover from January’s NIC blip. Latest figures show that the Revenue has recouped £29.1 billion in the first three months of this year, up from £28.5 billion for the same period the year before.

Have your say

What do you think of the figures? Why do you think self-employment has become so popular in the UK? Do you expect this boom to continue? Join in the discussion on Twitter, or leave a comment below.

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