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Where Taxpayers and Advisers Meet

Turnover

Matt2008
Posts:9
Joined:Wed Aug 06, 2008 1:52 pm
Turnover

Postby Matt2008 » Sat Nov 02, 2019 4:08 pm

Hi there I wonder whether you can help. I have a company and don’t know whether to register for vat. Would prefer not to is possible. Thing is the income is greater than 85k in 12 months but only because invoices were paid late. Is turnover calculated at the point of sale on invoices amounts or when the cash is received?

GARDNER4
Posts:67
Joined:Wed Aug 06, 2008 3:41 pm

Re: Turnover

Postby GARDNER4 » Sat Nov 02, 2019 10:57 pm

Income is based on point of sale or wen the invoice is raised. Whether you receive the money straight away or 5 years down the line.
Vat registration is based on the turnover not wen U receive it


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