Taxable turnover is the total amount of standard 17.5 % rate, lower 5% rate and zero rate sales which a company makes. Irrespective of whether you are registered for VAT, these items are known as the company's taxable sales.

The main consequence of your company's sales exceeding the VAT threshold is that from that point it has to levy VAT on sales at which ever rate is applicable for those items sold.

Other consequences are as follows:

• VAT returns must be submitted to customs and Excise
• VAT suffered on purchases the company makes can be offset against the VAT charged
• The company's VAT number must be displayed on all invoices
• Proper VAT invoices must be issued
• Inspection from Custom and Excise officers is possible