- VAT Revenue Growth: Total VAT receipts for the financial year 2023 to 2024 rose by 7% to £168 billion, driven by an increase in Home VAT receipts, which reached £158 billion, and net Home VAT liability totaling £173 billion.
- VAT Population Dynamics: The VAT population decreased to 2,178,950 traders, with significant changes observed in the Wholesale and Retail sector, which saw a decrease of 61,550 traders. The largest sector remains Wholesale and Retail, accounting for 21% of the total VAT population.
- Sector Contributions: The Wholesale and Retail sector contributed the most to net Home VAT liability, accounting for 32% (£55 billion), followed by the Professional, Scientific and Technical Activities and Manufacturing sectors.
- Business Type Insights: Incorporated companies represented the majority of the VAT population at 76%, contributing £174 billion to net Home VAT liability, while local authorities showed a negative contribution of £11 billion.
- Turnover Band Analysis: Traders with an annual turnover over £10 million accounted for the largest share of net Home VAT liability at £130 billion, while those below the VAT registration threshold had a combined negative net Home VAT liability.
Source gov.uk
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