- VAT receipts increased by 6% to 169 billion pounds
- VAT population was 2,178,950 with 238,176 new registrations and 273,768 de-registrations
- Total net VAT liability was 173 billion pounds
- Wholesale and retail sector contributed the most to net VAT liability at 32% or 55 billion pounds
- Businesses with over 10 million pounds in annual turnover paid 75% of total net VAT liability at 130 billion pounds
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"
- UK Court Rules HMRC Wrongly Denied Hotel Supplier’s £10.2 Million VAT Claims
- New Updates on Correcting VAT Errors: Key Changes and Guidance for Businesses
- Tribunal Rules on VAT Status of Government Grants for Free Educational Services by Colleges
- Colleges Win £2.8 Million Tax Rebates Amid VAT Rule Dispute with HMRC
- The UK Should Lower or Abolish, Not Raise, Its VAT Registration Threshold
