UK VAT Taxable Turnover Calculator is an excel template to calculate value of goods sold during the past 12 months for registration purposes.
Insert month-wise sales and template will automatically calculate the amount for you. If the amount is above threshold limit £ 85,000, it will display “Register” on top otherwise it will display “Not Eligible”.
Taxable turnover is total value of goods or services a business sells during a particular period that is not exempt from VAT.
Every business must register with HM Revenue and Customs if total sales during the past 12 months exceed £ 85,000.
The period can be any specific 12 month period like calendar year, tax year, or any 12 months. You should check your rolling turnover regularly if you’re close to going over the threshold.
What to include while calculating UK VAT Taxable Turnover?
As per the UK VAT Registration Guide, to check whether or not your sales have exceed the threshold in any 12 months, you need to add total value of your sales made in UK apart from VAT exempt sales.
It includes goods you hire or loan to customers, business goods use for personal reasons, goods you barter, part-exchange or gave as gifts.
However, It also includes services your business has received from businesses in other countries that are subject to Reverse Charge and construction of building above £ 100,000 done for own business by itself.
Sales made under zero-rated items are also include in taxable turnover. Only VAT-exempt sales and goods or services you supply outside UK will be excluded.
UK VAT Taxable Turnover Calculator Excel Template
To simplify process, we have create a simple and easy UK VAT Taxable Turnover Calculator to calculate taxable turnover for registration purposes in few minutes. Enter respective sales for each month and the template will automatically calculate the total turnover during past 12 months.
Contents of UK VAT Taxable Turnover Calculator
This template consists of 3 sections: Header Section, Type of Sales, and Monthly Sales.
The header section consists of heading of the template, company name, and company logo. Furthermore, it also consists of the registration indicator beside the heading.
If the total taxable turnover is above the threshold limit, it will display “Register” in red and if the taxable turnover is below the threshold then it displays “Not Eligible” in Yellow.
Type of Sales
This section consists of column headings for every type of sale to be included in the taxable turnover. It consists of following:
The Value of good hired or loaned to customers
Value of goods used for personal use
The Value of good bartered, part-exchanged, or given as gifts.
Value of Reverse Charge Goods(Services from business in another country)
Construction Done by Business Itself Over GBP 100,000
After adding the above, deduct VAT Exempt Sales for each month respectively to derive the actual taxable turnover figure. Please make sure you include sales made inside the UK in all categories.
Insert month-wise sales applicable under each type and template will automatically do the remain for you.
In the end, line totals and column totals for each month and each type of sales are given in the template. As soon as your sales will reach £ 85,000, it indicates to register. Till then the indicator will display you are not eligible for registration.
This template is helpful to small and medium-sized businesses looking forward to registering for UK VAT.