Data published by HMRC has revealed that the Revenue collected a record 133 billion pounds in VAT during the 2018/19 tax year.
HMRC revealed that total VAT receipts increased by 5.3% in 2018/19 when compared to the previous financial year. According to the data, incorporated businesses accounted for the largest share of the VAT population and annual taxable turnover.
Sole proprietors made up the second largest group in regard to VAT population. This group constituted 17% of VAT traders.
The data also showed that the wholesale and retail sector contributed the largest amount to the total VAT liability. Meanwhile, net home VAT liabilities totalled 28 billion pounds, equating to 27% of the total VAT liability for 2018/19. Net home VAT payments declared by VAT payers amounted to 178 billion pounds in 2018/19.
Additionally, the number of VAT de-registrations decreased in the 2018/19 tax year: HMRC suggested that this may have been caused by the freeze in the VAT de-registration threshold that occurred last year.
05/12/2019
View all >
05/08/2026
PM cuts business rates for pubs, clubs and music venues
Prime Minister Andy Burnham has slashed business rates for pubs, clubs and live music venues in England by 20%.
READ MORE
UK pension providers establish new scale-up fund
UK pension providers have joined forces to establish a new UK scale-up fund of more than £1 billion to back the next generation of high-growth science and technology companies.
Don’t ignore Simple Assessment letters, says HMRC
HMRC has urged customers not to ignore Simple Assessment letters for the 2025/26 tax year.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.