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To ask the Chancellor of the Exchequer, what the average administrative cost is of collecting VAT from a VAT-registered company.
To ask the Chancellor of the Exchequer, what the average administrative cost is of collecting VAT from a VAT-registered company.
HMRC calculate annually the cost to collect £1 of VAT. In 2024-25, it cost 0.58 pence, i.e. less than one penny, to collect £1 of VAT on average. This ratio has been broadly stable over recent years.
Cost of Collection - VAT - 5 year Trend from 2020-2021 to 2024-2025 | |||||
| 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 |
pence | pence | pence | pence | pence | |
VAT | 0.63 | 0.52 | 0.54 | 0.58 | 0.58 |
In Finance Act 2021, the Government legislated to reform penalties for late submission and late payment of tax, initially from 1 April 2022, and to align interest charges for VAT with other major taxes.
Today, I am announcing that these changes for VAT businesses will now be introduced 9 months...
In Finance Act 2021, the Government legislated to reform penalties for late submission and late payment of tax, initially from 1 April 2022, and to align interest charges for VAT with other major taxes.
Today, I am announcing that these changes for VAT businesses will now be introduced 9 months...
My right honourable friend the Financial Secretary to the Treasury (Lucy Frazer) has today made the following Written Ministerial Statement.
In Finance Act 2021, the Government legislated to reform penalties for late submission and late payment of tax, initially from 1 April 2022, and to align interest charges for VAT...
My right honourable friend the Financial Secretary to the Treasury (Lucy Frazer) has today made the following Written Ministerial Statement.
In Finance Act 2021, the Government legislated to reform penalties for late submission and late payment of tax, initially from 1 April 2022, and to align interest charges for VAT...
My right honourable friend the Financial Secretary to the Treasury (Lucy Frazer) has today made the following Written Ministerial Statement.
Autumn Budget and Spending Review 2021 announced that the government would bring forward a further set of plans for tax administration and maintenance later in the autumn, which follows a similar...
My right honourable friend the Financial Secretary to the Treasury (Lucy Frazer) has today made the following Written Ministerial Statement.
Autumn Budget and Spending Review 2021 announced that the government would bring forward a further set of plans for tax administration and maintenance later in the autumn, which follows a similar...
Autumn Budget and Spending Review 2021 announced that the government would bring forward a further set of plans for tax administration and maintenance later in the autumn, which follows a similar set of announcements published in Tax policies and consultations: Spring 2021 [CP 404] after the Spring Budget. I am...
Autumn Budget and Spending Review 2021 announced that the government would bring forward a further set of plans for tax administration and maintenance later in the autumn, which follows a similar set of announcements published in Tax policies and consultations: Spring 2021 [CP 404] after the Spring Budget. I am...
Lords statement on the next phase of the economic response to the coronavirus pandemic.
Lords statement on the next phase of the economic response to the coronavirus pandemic.
I thank my noble friend for her questions. In short, I will write to her on the DWP’s policy on fraud checks for newly registered universal credit claimants. It suspended a number of the checks at the height of the crisis, but I am aware that it is going to...
I thank my noble friend for her questions. In short, I will write to her on the DWP’s policy on fraud checks for newly registered universal credit claimants. It suspended a number of the checks at the height of the crisis, but I am aware that it is going to...
I can confirm to the noble Lord that levelling up is very much on the Government’s agenda. I am, as part of my portfolio, the Minister responsible for government property, and one thing that I have instituted is to ensure that no break clauses for major buildings in London are...
I can confirm to the noble Lord that levelling up is very much on the Government’s agenda. I am, as part of my portfolio, the Minister responsible for government property, and one thing that I have instituted is to ensure that no break clauses for major buildings in London are...
My Lords, I can only reply honestly and say that I do not know whether the support announced last week will be adequate. It depends on simply too many moving parts. We all know that if a vaccine is discovered in the next couple of months it would completely change...
My Lords, I can only reply honestly and say that I do not know whether the support announced last week will be adequate. It depends on simply too many moving parts. We all know that if a vaccine is discovered in the next couple of months it would completely change...
My Lords, universal credit has turned out to be a total game-changer for those thrown out of work by this crisis. It has been extraordinarily flexible. If we look at the past three or four years, we have always responded to criticism and have improved universal credit when it has...
My Lords, universal credit has turned out to be a total game-changer for those thrown out of work by this crisis. It has been extraordinarily flexible. If we look at the past three or four years, we have always responded to criticism and have improved universal credit when it has...
My Lords, the announcements last week included a number of matters around the extension of existing loan facilities and keeping open the window for loan applications under the various support schemes that the Treasury has created. On encouraging part-time working to enable staff to use the spare time for training,...
My Lords, the announcements last week included a number of matters around the extension of existing loan facilities and keeping open the window for loan applications under the various support schemes that the Treasury has created. On encouraging part-time working to enable staff to use the spare time for training,...
I agree with the noble Lord that this is an important part of our heritage. Only three weeks ago, I went to the Great Yarmouth Hippodrome, which I think is the oldest functioning hippodrome in England. Those working there have used their own initiative, and it was the very first...
I agree with the noble Lord that this is an important part of our heritage. Only three weeks ago, I went to the Great Yarmouth Hippodrome, which I think is the oldest functioning hippodrome in England. Those working there have used their own initiative, and it was the very first...
My Lords, the Chancellor has consistently said that his interventions have to be macroeconomic. However, we have tried to create safety nets to protect as many people as we can in the economy. I share the noble Lord’s concern for the music industry. My own father read music at Cambridge...
My Lords, the Chancellor has consistently said that his interventions have to be macroeconomic. However, we have tried to create safety nets to protect as many people as we can in the economy. I share the noble Lord’s concern for the music industry. My own father read music at Cambridge...
My Lords, I should probably disclose that I live in a listed building and that what my noble friend suggests would therefore greatly benefit me personally. However, the reality is that in this crisis we have to look at a higher level. I am encouraged to see that the construction...
My Lords, I should probably disclose that I live in a listed building and that what my noble friend suggests would therefore greatly benefit me personally. However, the reality is that in this crisis we have to look at a higher level. I am encouraged to see that the construction...
My Lords, I think that we have published our worst-case scenarios for a no-deal Brexit or leaving the European Union without a free trade agreement. Of course there are risks, but we remain optimistic that a deal will be done.
My Lords, I think that we have published our worst-case scenarios for a no-deal Brexit or leaving the European Union without a free trade agreement. Of course there are risks, but we remain optimistic that a deal will be done.