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Do you pay vat on gross earnings?

My earnings are now below 67,000 so am I required to pay VAT?

  • Answer:

    Everyone who buys anything from a VAT registered business is required to pay the VAT element of the price, which the business passes on to the tax man. If you are a trader you are required to register for VAT when your turnover for the previous 12 months exceeds the threshold of £70,000. Once registered you can reclaim any VAT you have paid out but you have to add VAT to everything you sell. Note, the threshold relates to turnover (ie total sales or income) and not earnings (ie profit).

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Other answers

If your turnover is under £68k in a 12 mth period, you are not required to register for VAT, but you still pay VAT on your purchases.

fengirl2

get more details ;open the third & fourth link in: www.tax-deductions.co.cc

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