HMRC has released its annual VAT statistics from 2023 to 2024.

The headlines are:

• total VAT receipts in the financial year 2023 to 2024 increased by 6% to £169 billion compared to £160 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
• the 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
• businesses with an annual turnover of greater than £10 million paid 75% of total net VAT liability (£130 billion)

Overall, it isn’t really a riveting read…