VAT revenues upward push to best possible quantity ever as HMRC wallet £157bn in only one yr

HMRC gathered a file £157.2bn from VAT expenses in within the final tax yr, a 55 according to cent soar at the £101bn gathered in 2020/21, after companies have been compelled to make up for VAT bills they deferred right through the pandemic.

Accountants have mentioned that HMRC’s VAT source of revenue has risen sharply after the speed of VAT paid by way of the hospitality sector building up  to twenty according to cent on 31 March final yr.

The velocity used to be briefly decreased to five according to cent right through the pandemic to ease the load on pubs, eating places and accommodations compelled to near right through lockdown.