VAT Exemption

[colinatyeo]

If a business makes less than £70,000 a year is it liable for VAT please?
Thanks for an help.

[joggerjayne]

If a business "turns over" less that £73,000 then, at the moment, it doesn't have to "register" for VAT.

[scotman]

Gove site here

http://www.hmrc.gov.u.../when-to-register.htm

[colinatyeo]

Thanks joggerjayne and scotman for answers.

[Zeuhl]

Not sure what you mean by 'liable for VAT'

If you mean obliged to add it to bills and send on to the revenue then yes as JJ says.

However, it also means you can claim back all the VAT the company has paid on stuff it has bought.