Legal Definition of caveat emptor. : a principle in commercial transactions: without a warranty the buyer takes the risk as to the condition of the property or goods â compare products liability at liability 2b, warranty.
Calculate VAT taxable turnover. taxable turnover is the total value of everything you sell that isnât exempt from. . You must register for. with HM Revenue and Customs (. ) if it goes over the current registration threshold in a rolling 12-month period.This isnât a fixed period like the tax year or the calendar year-it could be any period, eg the start of June to the end of May. The current threshold is Â£82,000.ou must register for. with HM Revenue and Customs (. ) if it goes over the current registration threshold in a rolling 12-month period. This isnât a fixed period like the tax year or the calendar year-it could be any period, eg the start of June to the end of May. The current threshold is Â£82,000.
For example my NET turnover for the year is Â£100000. Because I am on FRS there is VAT Sales Adjustment which is a difference between 20% VAT and FRS VAT percentage which is for example 6.5% in my case. So this FRS VAT Sales Adjustment is Â£12200 (20000(20% VAT)-7800(FRS 6.5% VAT from VAT inclusive turnover)).hat other income are you talking about? you're on the flat rate scheme, every penny you take is your turnover, there is no net of vat etc. you just pay over 6.5% of every penny you take in vat.