- Total VAT receipts in 2022-23 increased by 1% to £160 billion compared to the previous year.
- The VAT population in the UK was 2,392,790 in 2022-23.
- The Wholesale and Retail sector contributed the most to net Home VAT liability with £50 billion.
- Traders with an annual turnover of over £10 million paid 75% of the total net Home VAT liability.
- Receipts dropped between March 2020 and June 2020 due to VAT payment deferment and the Covid-19 pandemic.
Source: marcusward.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "United Kingdom"
- Guernsey Seeks Companies to Support New GST Administration, Tender Deadline Approaches
- Navigating UK VAT: Key Considerations and Pitfalls in Exporting Goods
- HMRC’s New VAT Error Correction Rules: Stricter Penalties and Reporting Changes Explained
- UK Supreme Court Confirms VAT on Intragroup Fees for Former VAT Group Members
- Supreme Court Clarifies VAT Grouping and Time of Supply Rules in Prudential Assurance Case
