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.
If you are not UK VAT registered and receive such services supplied in the UK the reverse charge does not apply. Such supplies do not count as your taxable supplies for the purposes of determining whether you are liable to be registered as a taxable person. Your supplier is liable to account for any UK VAT due.f you are a UK VAT registered recipient of a âwhere performedâ service which is performed in the UK you may be required to account for any UK VAT due under the reverse charge procedure if your supplier belongs outside the UK-see section 18.