what is the income for a dentist for VAT Registration purposes?
a self employed associate dentist is with another accountant at present, and the dentists figures are as follows:
Gross receipts/fees £120,000
less lab fees £ 8,000
less expenses 50 % share to cover rent /staff coats / materials
net amount recieved £56,000
less associates expenses cpd cost etc £5,000
net income £51,000
What is the relevant turnover for VAT registration purposes?
The other accountant seems to be indicating that it is £ 56,000, the net amount after deduction of lab fees and 50% share of expenses. is this correct?