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READ MOREAnnual tax take down nearly 8% due to pandemic
The pandemic has taken a toll on tax revenues as the latest figures show total tax receipts for the tax year 2020 to 2021 are £584.3bn, a significant £49.1bn lower than in the same period a year earlier.
While total revenue was down 7.7%, tax take was not hit across the board with income tax and national insurance receipts up on the previous year. VAT take was hit sharply by the lockdowns throughout the year and various government covid-19 measures to defer payments and offer reduced 5% VAT rates to hospitality, one of the worst affected sectors during the pandemic.
Read more at Accountancy Daily.
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