The article discusses the growing adoption of Pay by Bank technology for tax payments to His Majesty's Revenue and Customs (HMRC), highlighting a 36% increase in transactions amounting to over £12 billion during the 2024-2025 tax year. The use of this financial technology simplifies payments, decreases errors, and lowers transaction costs. With more than 3.6 million transactions, January 2025 saw a notable 39% increase in payment value compared to January 2024. As self-assessment deadlines approach, about 12 million individuals are expected to file their tax returns.
Taxpayers are increasingly using Pay by Bank technology to send money to His Majesty's Revenue and Customs (HMRC), leading to a significant growth in transactions.
Using Pay by Bank has several benefits including making payments simpler for taxpayers, decreasing payment errors, improving operational efficiency, and reducing the overall costs per transaction.
Between February 2024 and January 2025, taxpayers paid more than £12 billion to HMRC using Pay by Bank, marking a 36% increase from the previous year.
In January 2025 alone, taxpayers sent over £1.7 billion to HMRC via Pay by Bank, demonstrating a 39% increase in transaction value from January 2024.
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