HMRC has published its annual report and accounts for the year together with a number of additional reports regarding stakeholder and customer engagement. The accounts show an increase in total revenues to £627.9bn up £22.1bn (3.6%) compared to 2017/18.
Revenues
The accounts show that revenues generated reached £627.9bn in the year, of which, £34.1bn arose through the tackling of avoidance, evasion and non-compliance. This is also known as ‘Compliance Yield’. Compliance yield is recorded under five key classifications:
Historically, Future Revenue Benefit (‘FRB’) has been recorded in the year in which compliance interventions were completed. Following a review by the NAO, HMRC is now recording FRB in the future year(s) in which there will be an impact on receipts for the Exchequer. In 2018-19, HMRC improved the quality of its FRB data and reporting systems such that the understanding of when interventions impact the Exchequer resulting in more accurate information being reported.
Diverted Profits
