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Posted Mon, 02 Jan 2023 13:07:12 GMT by John
Hi, I'm filling out my self assessment and I've been hit with the following message as my turnover is over £85,000: "As your turnover is above the VAT threshold, a detailed breakdown of your total expenses is required here." However, my VAT taxable turnover is way below the threshold (~£5,000). Is there an option where I can indicate this so that I don't have to provide a detailed breakdown of expenses? Or do I need to fill out a supplementary form?
Posted Mon, 09 Jan 2023 12:20:37 GMT by HMRC Admin 32
Hi,

You will need to check your entries in the self employment or partnership sections, as you may have indicated your turnover is over £85K.  

Turnover consists of your total sales, takings, fees or money earned by your business for the period up to the date your books and accounts are made up to. It also includes all taxable coronavirus support payments that you were entitled to and received.  

Turnover includes cash or cheque, fees, tips and commissions, the value of any payments 'in kind', that is not payment by cheque or cash, for work done or goods sold, money owed to you for work already done (if you are using cash basis only include the money you actually received in the tax year) and any taxable coronavirus support scheme payments.

Thank you.
 

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