Annual Turnover - Important

[deeb66]

The Annual Turnover threashold of £15,000 has been amended to £30,000.

Good news for those who have a Turnover that exceeds £15,000 as this means that they no longer have to complete a full set of business accounts/return they can complete the short version :thumbsup:

Definition of Turnover - The figure that you are paid by parents BEFORE you deduct any expenses etc......therefore it is your Gross profit.

[Spangles]

That's good to know, thanks Dee.

Got to say this doesn't affect me! :)

[jmoff]

excellent news!

Thank you, Dee.

Jana

[ma7ie]

Thanks Dee. That's great news for some but don't think I'll even manage £5000 at this rate.

[mrsbumbles]

Thanks Dee :thumbsup:

[angeldelight]

I did not know that Dee

Thank you

Angel xx

[mrsb]

I wish it affected me lmao:laughing:

[Mollymop]

Thanks for letting us know :thumbsup:

[mum22]

Thank you for the update - maybe one day that will be me - fingers crossed

x helen

[manjay]

I think it was about time this figure was increased. I think if you are a fairly busy minder it is quite easy to go over £15k. I have lost count of the number of times I have had the arguement about the definition of turnover but luckily dh has been SE for years so I have a good understanding of accounts.

Thanks for the info

amanda xx

[Pauline]

Thanks Dee - we did our tax returns on line last night and I didn't even notice that it had changed :rolleyes: Perhaps too many other boxes to look at at the time! :)

[miffy]

I noticed this when I got my tax return but haven't seen anything else about it anywhere

Thanks Dee

miffy xx

[Nix]

Thank you my friend.:D

Nix, x

[Eagles4ever]

Is that for the coming year or for last year??

Sue x

[deeb66]

Is that for the coming year or for last year??

Sue x

Good question Sue!

I am still talking with an NCMA member of staff......She didn't even know that it had changed until I told her to look at the new members handbook!

It is in the new book for 2008/2009 but nobody can tell me at the moment if it applies to 2007/2008 accounts or do we have to wait next tax return!

Hopefully will have an answer soon!

[Eagles4ever]

Good question Sue!

I am still talking with an NCMA member of staff......She didn't even know that it had changed until I told her to look at the new members handbook!

It is in the new book for 2008/2009 but nobody can tell me at the moment if it applies to 2007/2008 accounts or do we have to wait next tax return!

Hopefully will have an answer soon!

OK Thanks. Hopefully it applies to 2007/08!!!

[Pudding Girl]

Hubby ( accountant) is pretty certain that it's next yrs says he'll check up tmrw at work

[deeb66]

Is that for the coming year or for last year??

Sue x

I have now got the new NCMA handbook (as if you hadn't noticed from my other posts!)

It doesn't state when this came into effect but Pauline said that she has not long filed her return on-line and a prompt did come up asking if the Turnover was less than £30,000.

So it looks like it is with effect from 2007/2008 which is really good news :thumbsup:

[Rubybubbles]

thanks dee, good to know ! If I ever made that much:rolleyes: