Office for National Statistics
ONS publishes first VAT data
ONS has yesterday published the first set of VAT turnover data. Once fully developed, the new VAT data will be an important new data source for GDP, delivering greatly improved detail about the UK economy, with more detailed industry-level data, better geographic breakdowns and more information about small businesses.
In addition, this new data source will give ONS an almost complete picture of the turnover of UK businesses within 5 months of the end of each quarter, as well as potentially reducing the frequency of GDP revisions.
Commenting on the new VAT data, ONS Director of National Accounts, Nick Vaughan said:
“Using tax data to help produce key economic statistics is just part of ONS’s ambitious plans to rely less on paper-based surveys and make more use of hard data gathered elsewhere in government.
This new VAT data will provide a much clearer picture of how UK companies are performing, helping policymakers to respond to the changing needs of the economy.”
- The full HMRC VAT turnover, initial research analysis article is available on our website.
- Details of the policy governing the release of new data are available from the media office. © Crown copyright 2016.
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