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HMRC collected a file £157.2bn from VAT payments in within the final tax yr, a 55 per cent soar 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 earnings 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 quickly decreased to five per cent throughout the pandemic to ease the burden on pubs, eating places and lodges pressured to shut throughout lockdown.
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