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.

Home | Contact us | Accessibility | Disclaimer | GDPR (including Standard Terms of Business) | Help | Site map |

© 2019 BPU Accountants. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


BPU Chartered Accountants is the trading name of BPU Ltd Company number 3723948 registered in Wales. Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

BPU Financial Solutions Ltd is an Appointed Representative of ValidPath Limited which is authorised and regulated by the Financial Conduct Authority. ValidPath Limited is entered on the Financial Services register (www.fca.org.uk/register) under reference 197107.

BPU Accountants, Radnor House, Greenwood Close, Cardiff Gate Business Park, Cardiff CF23 8AA
BPU Accountants, The Counting House, Pound Field, Llantwit Major, Vale of Glamorgan CF61 1DL