Taxable turnover for VAT threshold

Sorry all, getting a little lost on this and have Googled the hell out of it, but just need to have some sort of conversation on it if that's okay.

Is the taxable turnover for VAT threshold based on any or all of the following please:

1. Full total income / revenue?
2. On all the goods you purchased that were vatable?
3. The nett profit declared for tax purposes on the tax return? 
4. The gross profit declared for tax purposes on the tax return? 

(Sole trader).

Comments

  • MattMattMattUK
    MattMattMattUK Posts: 8,220
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    edited 3 February at 7:45AM
    Calculate your turnover

    Your turnover is the total value of everything you sell that is not exempt from VAT. It also includes:
    zero-rated goods
    goods you hired or loaned to customers
    business goods used for personal reasons
    goods you bartered, part-exchanged or gave as gifts
    services you received from businesses in other countries that you had to ‘reverse charge’
    building work over £100,000 your business did for itself

  • DullGreyGuy
    DullGreyGuy Posts: 9,119
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    Effective 1 noting the points above on gifts/part ex etc
  • _Chris__2
    _Chris__2 Posts: 70
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    Calculate your turnover

    Your turnover is the total value of everything you sell that is not exempt from VAT. It also includes:
    zero-rated goods
    goods you hired or loaned to customers
    business goods used for personal reasons
    goods you bartered, part-exchanged or gave as gifts
    services you received from businesses in other countries that you had to ‘reverse charge’
    building work over £100,000 your business did for itself

    Thanks, yeah, I did already see that on the gov website.
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