The Government's VAT take on energy bills has surged despite a temporary cut in the rate on residential electricity and gas accounts, highlighting the impact of spiking costs.
VAT compliance is both complex and essential for SMEs, posing challenges in regulation navigation, record-keeping, and penalties, calling for professional VAT accountants.
HMRC's total receipts across the busy period of December to February were £11bn higher in 2024/25 than 2023/24.