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 >
03/11/2025
Give State Pension its own PAYE scheme
The Treasury should make it easier for state pensioners to pay any tax they owe with a Pay as You Earn (PAYE) scheme, says the Low Incomes Tax Reform Group (LITRG).
READ MORE
Chancellor's 'blitz on business bureaucracy'
Chancellor Rachel Reeves recently announced a 'blitz on business bureaucracy', with cuts to red tape that the government says will save firms £6 billion.
Budget should tackle hiring issues
The British Chambers of Commerce (BCC) has called for Chancellor Rachel Reeves to use the Autumn Budget to combat ‘persistent’ hiring problems.
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.