- Increase in VAT Receipts and Population: Total VAT receipts for the financial year 2023 to 2024 reached £169 billion, marking a 6% increase from £160 billion in the previous year. The VAT population stood at 2,178,950 traders, with 238,176 new registrations and 273,768 de-registrations during the year.
- Net Home VAT Liability: The net Home VAT liability for 2023 to 2024 was £173 billion, an 11% increase from the previous year. The Wholesale and Retail sector contributed the most to this liability, accounting for 32% (£55 billion), while businesses with an annual turnover exceeding £10 million paid 75% of the total net liability.
- Trends and Changes in Business Types: The statistics reveal a downward trend in the VAT population, decreasing by 213,840 traders since 2022 to 2023, with the Wholesale and Retail sector experiencing the largest decline (-12%). Incorporated companies comprised the majority (76%) of the VAT population, highlighting a concentration of VAT responsibilities among larger businesses.
Source gov.uk
Latest Posts in "United Kingdom"
- UK Supreme Court Rules VAT Applicable on Success Fees After Exit from VAT Group
- JPMorgan Chase Bank NA v HMRC: VAT Dispute on Intra-group Service Taxability, Appeal Dismissed
- UK Considers VAT Cut on Domestic Fuel: Targeted Relief or Broad Measure?
- Supreme Court Clarifies VAT Grouping and Time of Supply Rules in Prudential Assurance Case
- Guernsey Seeks Companies to Support New GST Administration, Tender Deadline Approaches
