Hi all,
I run a small business and have been VAT registered for the past several years (flat rate scheme) but de-registered a couple of months ago. Now I'm keen to stay below the VAT threshold (I sell to non-registered public) so I need to keep a close eye on my rolling 12 months turnover.
I'm using Quickbooks to run a sales report, so I can view the past 12 months, and my accountant has told me I should be looking at the NET sales figures and keep this under the VAT threshold - but this doesn't sound right to me - is this correct?
I can't help thinking I should be looking at the GROSS sales figures for the past 12 months (which includes the time when I was VAT registered) because this is surely the actual turnover the VAT people would be looking at, wouldn't it? Or have I completely got the wrong end of the stick?
Is anyone able to clarify which of these is correct? I'm worried that if I mess up now it could become a very costly mistake if it gets pulled up later on...
Many thanks for any input anyone can provide.
Rob.
I run a small business and have been VAT registered for the past several years (flat rate scheme) but de-registered a couple of months ago. Now I'm keen to stay below the VAT threshold (I sell to non-registered public) so I need to keep a close eye on my rolling 12 months turnover.
I'm using Quickbooks to run a sales report, so I can view the past 12 months, and my accountant has told me I should be looking at the NET sales figures and keep this under the VAT threshold - but this doesn't sound right to me - is this correct?
I can't help thinking I should be looking at the GROSS sales figures for the past 12 months (which includes the time when I was VAT registered) because this is surely the actual turnover the VAT people would be looking at, wouldn't it? Or have I completely got the wrong end of the stick?
Is anyone able to clarify which of these is correct? I'm worried that if I mess up now it could become a very costly mistake if it gets pulled up later on...
Many thanks for any input anyone can provide.
Rob.