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 >
16/12/2025
Most sole traders are not ready for MTD
The majority of sole traders do not have a clear understanding of Making Tax Digital (MTD) for Income Tax, according to research from IPSE, the self-employed association.
READ MORE
Still time to start self assessment returns
Although there are less than two months until the self assessment deadline there is still time to start an accurate return, says HMRC.
Covid fraud cost UK taxpayer £10.9 billion
Taxpayers lost £10.9 billion to fraud and error as the UK government’s pandemic response left the front door open to fraud, according to an independent report.
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.