Hi guys,
What’s the best way of keeping tabs on turnover to check you’re not exceeding the 85k turnover VAT limit please?
Is there a report set up for this? Can you set up an alert if you’re approaching the limit etc?
Thank you!
Malcolm
Not a report as such but if you view all sales invoices and set a custom date range for the last twelve months then the total there will give you the information you need.
Hi Ian. Thanks for the reply there.
HMRC require you to register for VAT if you exceed the limit in any 12 month period, so although that technique would work, it will be a time consuming one to work your way through each 12 month period, month by month (or week by week).
An alert system could be a feature to consider for those businesses hovering just below the turnover threshold.
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