VAT revenues rise to highest amount ever as HMRC pockets £157bn

HMRC collected a file £157.2bn from VAT payments in within the final tax yr, a 55 per cent leap on the £101bn collected in 2020/21, after companies have been compelled to make up for VAT funds they deferred through 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 diminished to five per cent through the pandemic to ease the burden on pubs, eating places and motels compelled to shut throughout lockdown.