HMRC have published “an overview of VAT statistics, covering receipts information and the characteristics of the VAT trader population in the UK”. The report covers the year to 31 March 2022.
The headline news in the report reads as follows:
“Total VAT receipts in the financial year ending March 2022 increased by 55% compared to the previous financial year. Receipts dropped significantly between March 2020 and June 2020 due to the VAT payment deferment policy. Further reductions in receipts across the April 2020 to March 2021 financial year can be attributed to economic impacts of the Covid-19 pandemic as well as the temporary reduced rate of 5% for hospitality, holiday accommodation and attractions.
The Wholesale and Retail sector continued to be the largest contributor to net Home VAT liabilities.
75% of total net Home VAT declared was paid by traders with an annual turnover greater than £10 million.”
Related content from Claritax Books
Value Added Tax, written by Ciaran McGee MA (Oxon), FCA, CTA, is an extensive volume (over 1,000 pages), written primarily for non-VAT specialist accountants and tax advisers.
