Sales tax receipts in the UK increased by almost 6% in 2023-24, even while the number of registered companies and traders fell, according to the country’s tax office.
Total value-added tax increased from £160 billion in 2022 to 2023 to £169 billion in 2023-24, His Majesty’s Revenue and Customs said in a report Wednesday.
- At the same time, the number of companies and traders registered for VAT in the UK fell by around 35,000, HMRC said, part of a trend in declining VAT population since 2021-22. The VAT population today is just 2% greater than 10 years ...
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