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VAT Exemption

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colinatyeo | 17:03 Wed 24th Aug 2011 | Law
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If a business makes less than £70,000 a year is it liable for VAT please?
Thanks for an help.
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Avatar Image joggerjayne
If a business "turns over" less that £73,000 then, at the moment, it doesn't have to "register" for VAT.
17:05 Wed 24th Aug 2011
Avatar Image scotman
Gove site here

http://www.hmrc.gov.u.../when-to-register.htm
17:07 Wed 24th Aug 2011
Avatar Image colinatyeo
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Thanks joggerjayne and scotman for answers.
17:12 Wed 24th Aug 2011
Avatar Image 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.
17:13 Wed 24th Aug 2011

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