Quoting Turnover - Inc. or Exc. VAT?

[roadsweeper]

Just a general question, if someone asks your turnover, is it conventional to quote it with or without VAT?

[Wacky Racer]

roadsweeper said:

Just a general question, if someone asks your turnover, is it conventional to quote it with or without VAT?

Usually with VAT, but it depends on the type of business......

Retail usually with......

[Ali_D]

Normally without VAT (inline with Co. Act etc). In retail they usually quote 'Takings' which is grossed up or 'Sales' which is the net figure.

[roadsweeper]

Great, thanks.

So can I take it that the term 'Sales' usually includes VAT whilst 'Turnover' is excluding VAT or is there no such clear differentiation? To put the question in context, I'm thinking about my business which is an IT Consultancy.

[Smartie]

roadsweeper said:

Great, thanks.

So can I take it that the term 'Sales' usually includes VAT whilst 'Turnover' is excluding VAT or is there no such clear differentiation? To put the question in context, I'm thinking about my business which is an IT Consultancy.

almost certainly then should be quoted without VAT.

[Ali_D]

roadsweeper said:

Great, thanks.

So can I take it that the term 'Sales' usually includes VAT whilst 'Turnover' is excluding VAT or is there no such clear differentiation? To put the question in context, I'm thinking about my business which is an IT Consultancy.

No sales and turnover are normally inter changeable terms which do not include VAT. As you're in consultancy you can ignore the retail example as it is a little misleading.

[roadsweeper]

Thanks all.