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Do refunds have to be deducted from turnover?
charlarry
Posts: 1 Newbie
in Cutting tax
I am trying to calcuate my turnover to see if I will be soon hitting the Vat threshold. I don't quite understand if turnover is all the money that is coming in or I need to deduct from this refunds that I have issued to clients Any help much appreciated!
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I am trying to calcuate my turnover to see if I will be soon hitting the Vat threshold. I don't quite understand if turnover is all the money that is coming in or I need to deduct from this refunds that I have issued to clients Any help much appreciated!
Assuming your refunds are for goods returned, etc., then yes, they are deducted from your turnover.0
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