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Written question asked by Chris Loder (Conservative) on Monday, 13 May 2024, in the House of Commons. It was due for an answer on Wednesday, 15 May 2024. It was answered by Nigel Huddleston (Conservative) on Monday, 20 May 2024 on behalf of the Treasury.

VAT

Question

To ask the Chancellor of the Exchequer, how many businesses do not meet the VAT threshold in (a) the UK and (b) in each region of the UK.

Answer

The most recent year for which we hold complete tax records is for businesses with a basis period ending in 2021-22. For this year across the whole of the UK, there were a total of 9,170,000 businesses that declared turnover below the VAT threshold. Of these, 210,000 also had profits above £45,000.

Please note that this is the total number of businesses with turnover below the VAT threshold. Of these some may have registered for VAT voluntarily, and others may be exempt from VAT for other reasons.

HMRC does not hold readily available data on the regional breakdown of the total number of businesses across the UK which can be used for analysing VAT. This is because some businesses can have both single and multiple sites, and therefore such breakdowns would be of limited value.

Secondary information

Type
Written question
Reference
25982
Session
2023-24
Grouped for answer
Yes
Subjects
Business VAT
Contains statistics
Yes
Link
View this Written question on www.parliament.uk