HMRC:
Could someone explain how to calculate it, is it determined by the date when invoices were issued or paid ?
What does anniversary of joining mean, is it the same as the effective date from the VAT certificate or it would be the date of joining flat VAT scheme?
E.g. my VAT certificate states that its effective date is 5 Dec, I issue my invoices on the 1st and they normally get paid on the 15th. So, for the past year, do I need to sum up all invoices paid between 05 Dec 2013 and 05 Dec 2014 inclusive to get the turnover figure ?
I assume I need to do this check only on the anniversary of joining, rather than every month during the year.
Thanks
on the anniversary of joining, your turnover in the last 12 months was more than £230,000 - or you expect it to be in the next 12 months
What does anniversary of joining mean, is it the same as the effective date from the VAT certificate or it would be the date of joining flat VAT scheme?
E.g. my VAT certificate states that its effective date is 5 Dec, I issue my invoices on the 1st and they normally get paid on the 15th. So, for the past year, do I need to sum up all invoices paid between 05 Dec 2013 and 05 Dec 2014 inclusive to get the turnover figure ?
I assume I need to do this check only on the anniversary of joining, rather than every month during the year.
Thanks
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