2006-12-14 23:41:10 · 5 answers · asked by michael d 1 in Business & Finance ➔ Taxes ➔ United Kingdom
As you have been informed this is £61,000.
Note that you should check your own business's turnover at the end of every month, not just when you compile your annual accounts. If the limit is breached in any rolling twelve month period then you need to complete form VAT 1 and submit it to HMRC.
2006-12-15 11:42:12 · answer #1 · answered by tringyokel 6 · 0⤊ 0⤋
The current threshold is £61000.00 see the Customs web site for more details.
2006-12-15 01:51:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The threshold is £61,000 of 'taxable sales', so you don't get to deduct any expenses.
Taxable sales means you don't count any sales of items that are exempt for VAT purposes.
2006-12-17 09:36:24 · answer #3 · answered by Flick W 2 · 0⤊ 0⤋
Ask the Inland Revenue.
2006-12-15 00:03:16 · answer #4 · answered by ANON 4 · 0⤊ 1⤋
as above
2006-12-15 04:04:46 · answer #5 · answered by dream theatre 7 · 0⤊ 1⤋