What is taxable turnover?

taxable turnover

All goods and services which are liable to VAT at the standard, reduced or zero-rate are called ‘taxable supplies’, whether you are registered for VAT or not. The total value of these supplies is called your ‘taxable turnover’. If you are in business and your taxable turnover reaches or is likely to reach the registration threshold you will probably have to register for VAT. You must charge VAT on your taxable supplies from the date you first need to be registered. If you receive certain services from abroad, for example advertising, data processing, consultancy or legal, accounting or professional services, these will be treated as if you supplied them and you must include the value in your taxable turnover. For a full list of these services, see Notice 700 The VAT Guide section 31.