Hi
Does a set designer who receives floats, for productions to buy props etc, need to include the amount of the float when looking at turnover to see if they have reached the VAT Registration threshold?
Also, do these floats form part of taxable turnover when preparing accounts, with the float then deducted as a direct cost? Or can they be kept out of the accounts, because receipts are submitted and if there is any excess float it is either returned or invoiced for as a fee (at which point the fee would be included in the accounts).
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