• Total gross annual turnover is the total of all money received by a business within a 12 month period.
  • Net Turnover is Gross turnover less all expenses and is normally the amount upon which landlords’ and letting agents’ income tax is calculated.
  • Letting Fees Turnover is the total amount of all fees (received by an agent or landlord)  from tenants and or landlords.  This amount becomes subject to VAT when the total fees turnover exceeds the threshold set be HMRC (in 2013 circa £77k).
  • See Zero rated VAT

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