HMRC receipts are up by £40bn from 2022-23 but have almost doubled since 2010 to £827bn. In 2010 the total tax take was £453bn.

Income tax has also drastically increased by £120bn to £273bn in 2023. The last two years have both seen an increase of £30bn, the highest rise in the last decade.

This is split between PAYE income tax (£235bn) and self-assessment (£42.6bn).

Corporation tax has also double over the last decade, to £86bn. Corporation tax was increased to 25% in 2023, as a result HMRC took an additional £10bn in 2023/24.

Nigel Holmes, director, R&D at Ryan: ‘Business taxes are bringing in a record amount of money for HMRC, with total receipts for the 2023/2024 tax year up £10.3bn compared to the year before.