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VAT revenues rise to highest quantity ever as HMRC pockets £157bn in only one yr

HMRC collected a file £157.2bn from VAT payments in within the final tax yr, a 55 per cent bounce on the £101bn collected in 2020/21, after companies had been pressured to make up for VAT funds they deferred through the pandemic.

Accountants have mentioned that HMRC’s VAT earnings has risen sharply after the speed of VAT paid by the hospitality sector improve  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 resorts pressured to shut throughout lockdown.