HMRC has updated its publication on the VAT official statistics from 2023 to 2024. It covers information on VAT receipts in the UK, statistics on the trader population and VAT registrations. The tables and commentary have been updated to reflect recent receipts.

Headlines

• total VAT receipts in the financial year 2023 to 2024 increased by 7% to £168 billion compared to £158 billion in 2022 to 2023
• the VAT population in 2023 to 2024 was 2,178,950, with 238,176 new registrations and 273,768 de-registrations in-year
• total net VAT liability in 2023 to 2024 was £173 billion
• the wholesale and retail sector was the largest contributor to net VAT liability (32%) with a total of £55 billion
• traders with an annual turnover of greater than £10 million paid 75% of total net VAT liability (£130 billion).