My client has leased a commercial property from a landlord who has not opted to tax/charges no VAT on invoices.
My client sublets this property out to various other folk in the same field of business via a Limited company which is not currently VAT registered. He also has income from other sources into the limited company.
Would the income from his subletting needed to be included in his overall rolling turnover calculation for the purposes of checking if VAT registration is likely to be required?
My initial thought was - they are exempt supplies and exempt supplies do not count towards the VAT threshold, but would like to double check.