- 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
