HMRC collects record £133 billion in VAT

29 Nov 2019

Data published by HMRC has revealed that the Revenue collected a record £133 billion in VAT during the 2018/19 tax year.

HMRC revealed that total VAT receipts increased by 5.3% in 2018/19 when compared to the previous financial year. According to the data, incorporated businesses accounted for the largest share of the VAT population and annual taxable turnover.

Sole proprietors made up the second largest group in regard to VAT population. This group constituted 17% of VAT traders.

The data also showed that the wholesale and retail sector contributed the largest amount to the total VAT liability. Meanwhile, net home VAT liabilities totalled £28 billion, equating to 27% of the total VAT liability for 2018/19. Net home VAT payments declared by VAT payers amounted to £178 billion in 2018/19.

Additionally, the number of VAT de-registrations decreased in the 2018/19 tax year: HMRC suggested that this may have been caused by the freeze in the VAT de-registration threshold that occurred last year.

Register for our Monthly Newsletter -

Why not register to receive our Monthly Newswire?

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Sign up today »

Tel: 01749 685000

Email:

Chalmers HB
20 Chamberlain Street
Wells
Somerset
BA5 2PF


Contact us | Credits | Accessibility | Disclaimer | Help | Site map |

© 2019 Chalmers HB. All rights reserved.
We use cookies on this website, you can find more information about cookies here.

Chalmers HB Limited, Registered in England, Registered number 4233537, Registered Office: 20 Chamberlain Street Wells Somerset BA5 2PF. Chalmers HB Audit Limited, Registered in England, Registered number 9739736, Registered Office: 20 Chamberlain Street, Wells, Somerset BA5 2PF.