HMRC statistics relating to VAT gap estimates.
- The VAT Gap is a measure of the difference between the expected amount of VAT that HMRC should receive and the actual amount they receive.
- It is calculated by comparing the net VAT total theoretical liability with the actual receipts.
- The preliminary estimate for the VAT Gap in tax year 2022 to 2023 is £8.8 billion, which is 5.3% of the net VAT total theoretical liability.
- This estimate shows a slight reduction compared to the previous year’s estimate.
- The calculation takes into account adjustments for the Energy Bills Support scheme and deferred VAT payments due to Covid-19. HMRC publishes three estimates of the VAT Gap each year, with the preliminary estimate being published in the autumn.
- The second estimate will be published in the spring.
Source gov.uk
Latest Posts in "United Kingdom"
- Post-Brexit VAT: Why the EU Accepts Imperfect Export Proof but the UK Demands Perfection
- VAT Input Tax Denial Under Kittel Principle – Appeals Allowed Against HMRC
- SK Metals Ltd v HMRC: VAT Input Tax Deductibility and MTIC Fraud Knowledge
- UK Chancellor Considers VAT Rate Adjustments and Threshold Changes in Upcoming Budget
- Upper Tribunal Rules Cosmetic Treatments by Medical Professionals Can Qualify for VAT Exemption
