I am trying to establish the turnover test for gross status for a a limited company.
In my opinion HMRC website is not clear. It says must be "£30,000 for each director of a company, or at least £200,000 for the whole company"
Do they mean in any case must be a minimum turnover of £200,000?
Or a company with 2 directors would a turnover of £60,001 qualify for gross status?
Does anyone have recent practical experience of this?
Thank you
Replies (1)
Please login or register to join the discussion.
What part of "or" don't you understand.
It is £30,000 per "relevant person", which includes shareholders in a close company as well as directors,
OR
£200,000, regardless of the number of relevant persons.
If a company has two director/shareholders, it will pass the turnover test if its construction turnover is more than £60,000.