VAT Registration Threshold Exceeded
Xenon Connect notifies you when your business’s taxable turnover exceeds the current VAT registration threshold.
When Xenon Connect detects that:
then a notification is created within the Notifications window of Xenon Connect to inform you that you need to investigate and register for VAT (if required).
VAT Registration Threshold Approaching
Xenon Connect also notifies you when the business is getting close to exceeding the current VAT registration threshold. This provides an early warning system so that you can plan ahead for your VAT registration.
then a notification is created within the Notifications window of Xenon Connect to inform you that you need to keep monitoring your taxable turnover.
Xenon Connect enables you to specify any Xero sales account codes which do not represent taxable turnover within the main settings area > Notifications.
The income figures from any selected account codes will not form part of Xenon Connect’s automatic VAT taxable turnover.
To review the guidance on which income streams are not taxable income, you can read this guidance and also talk to your accountant.
Enabling/Disabling this Notification
The VAT Registration Threshold Monitor notification can be enabled or disabled within your settings area.
By default, the notification is enabled.
© 2022 Xenon Connect Limited. All rights reserved - Terms - Privacy