Total VAT receipts in the financial year 2023-24 increased by 6% to almost £169bn compared to just under £160bn in 2022-23, according to HMRC’s statistics.
The VAT population fell from 2.4 million in 2022-23 to 2.18 million in 2023-24. There were 238,176 new registrations and 273,768 de-registrations.
The wholesale and retail sector was the largest contributor with a total of £55bn (32%) followed by the professional, scientific and technical activities sector (£27bn) and manufacturing sector (£24bn).
Traders with an annual turnover of greater than £10m paid 75% of total VAT liability – £130bn.
