Home News VAT revenues rise to highest quantity ever as HMRC pockets £157bn

VAT revenues rise to highest quantity ever as HMRC pockets £157bn

VAT revenues rise to highest quantity ever as HMRC pockets £157bn

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HMRC collected a file £157.2bn from VAT payments in within the final tax yr, a 55 per cent bounce on the £101bn collected in 2020/21, after companies have been pressured to make up for VAT funds they deferred throughout the pandemic.

Accountants have stated that HMRC’s VAT revenue has risen sharply after the speed of VAT paid by the hospitality sector enhance  to twenty per cent on 31 March final yr.

The speed was briefly diminished to five per cent throughout the pandemic to ease the burden on pubs, eating places and inns pressured to shut throughout lockdown.

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