VAT is easily a secure way for the HMRC to make revenue. The problem is that it is not really fair on the customer. More news has been revealed about them this week as the UHY Hacker Young has reported that their receipts have hit an all-time high. The total tax take has also been boosted by over 21% in the last year alone. You will probably already know about this if you work in either chartered accountant jobs or even in ACCA jobs.

Of course, if you do work in accountant jobs then you will know that VAT is a crucial component when it comes to the total tax take, and that the government will be very keen when it comes to protecting it. The total VAT that the HMRC collect has jumped by 60% when you look at earlier years. The most concerning factor is how these statistics are going to change and even how the tax burden in the UK is going to be shifted onto their consumers. UHY Hacker Young has emphasised this a great deal. If you work in CIMA jobs or even in accountancy and finance jobs, then this will affect you a great deal. VAT, and even consumption tax applies to the purchase and even the sale of services and goods. They are set at 20% but those in the industry may be affected more now when compared to ever before. VAT is not only area in which HMRC is monopolising to try and increase their revenue however. Income tax and even receipts are totalling over £180bn. Some say that tax could decrease after Brexit. Nobody knows if this is going to be the case however, so it is important that you keep this in mind.