VATREG02300 - Basic principles of registration: meaning of taxable turnover

Taxable turnover is the total value of taxable supplies made by a person in the course or furtherance of business, excluding VAT (VAT Act 1994, section 19).

This includes:

• • zero-rated goods
  • reduced-rated goods
  • standard-rated goods
  • goods you hired or loaned to customers
  • business goods used for personal reasons
  • goods you bartered, part-exchanged or gave as gifts
  • services you received from businesses in other countries that you had to ‘reverse charge’ 
  • goods and services which are subject to the ‘domestic reverse charge’
  • building work over £100,000  your business did for itself
  
  

Subject to the following subsections, the value of a trader’s taxable turnover governs both their liability to be registered and their eligibility to seek cancellation of registration.