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.
A VAT registered business therefore has to charge VAT on sales, but can reclaim VAT on purchases made from other VAT registered businesses. At the end of every three months you have to make a return to the VAT office (a VAT Return) which details how much VAT you have charged and how much you are reclaiming.f you deal with members of the public, or businesses that are not VAT registered it may or may not be beneficial still to make a voluntary registration. It just depends on how price sensitive your market is, and how much VAT you would be able to claim back. Your accountant will be able to help you make this decision.