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Thread: Turnover Tax

  1. #1
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    Turnover Tax

    Hi All,

    Please could anyone advise on what is meant by "professional service" in the qualifying questions to register for turnover tax. For example would a small electrical company which provides electrical repairs / services to the public not qualify for turnover tax? Or a small bookkeeping firm for example? Are these classified as professional services?


    Many thanks

    Jacky

  2. #2
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    Hi Jacky

    "A service in the field of accounting, actuarial science, architecture, auctioneering, auditing, broadcasting, broking, commercial arts, consulting, draftsmanship, education, engineering, entertainment, health, information technology, journalism, law, management, performing arts, real estate, research, secretarial services, sport, surveying, translation, valuation or veterinary science"

    As you can see an electrician qualify, bookkeeper would not qualify as it's a service in the field of accounting.

    However chat with your accountant first because your "effective" tax rate can be lower than the turnover tax rate and he/she might help you to legally manage your "effective" tax rate

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