HMRC has published the results of a survey of around 2,000 businesses below the VAT threshold, aimed at providing estimates of the percentage of business-to-consumer (B2C) sales as a proportion of overall sales for the VAT unregistered population, and levels of EU trade among unregistered busines
HMRC has published the results of a survey of around 2,000 businesses below the VAT threshold, aimed at providing estimates of the percentage of business-to-consumer (B2C) sales as a proportion of overall sales for the VAT unregistered population, and levels of EU trade among unregistered businesses.
The survey was carried out in October and November 2016 and covered a representative sample of unregistered businesses with a turnover between £8,000 and £83,000 in 16 industry sectors. Among the respondents: 66% had a turnover of between £8,000 and £30,000; 27% had a turnover between £30,000 and £60,000; and 7% had a turnover between £60,000 and the VAT threshold (£83,000).
Around 25% of the sample were in the construction sector, with the next largest group being ‘other service activities’ (13%). The majority were sole traders or partnerships (88%). Sole traders were more likely to have made mainly B2C transactions (57%). More than half (52%) had been trading for more than 10 years, with businesses in the construction sector likely to have been trading longer.
Overall, VAT unregistered businesses were more likely to sell goods and services to the general public than to other businesses, although the proportion of B2C sales varied widely between sectors. The accommodation and food service, and wholesale and retail trade sectors were more likely to have a higher proportion of B2C sales.
Nearly all VAT unregistered businesses had made sales to customers in the UK, but only a minority (9%) traded abroad. Sales by VAT unregistered businesses trading in other EU countries were split more evenly between the general public (55%) and other businesses (49%) than was the case with UK sales.
See the report, ‘Trade information among unregistered VAT businesses’ (https://bit.ly/2JJk3Or).
HMRC has published the results of a survey of around 2,000 businesses below the VAT threshold, aimed at providing estimates of the percentage of business-to-consumer (B2C) sales as a proportion of overall sales for the VAT unregistered population, and levels of EU trade among unregistered busines
HMRC has published the results of a survey of around 2,000 businesses below the VAT threshold, aimed at providing estimates of the percentage of business-to-consumer (B2C) sales as a proportion of overall sales for the VAT unregistered population, and levels of EU trade among unregistered businesses.
The survey was carried out in October and November 2016 and covered a representative sample of unregistered businesses with a turnover between £8,000 and £83,000 in 16 industry sectors. Among the respondents: 66% had a turnover of between £8,000 and £30,000; 27% had a turnover between £30,000 and £60,000; and 7% had a turnover between £60,000 and the VAT threshold (£83,000).
Around 25% of the sample were in the construction sector, with the next largest group being ‘other service activities’ (13%). The majority were sole traders or partnerships (88%). Sole traders were more likely to have made mainly B2C transactions (57%). More than half (52%) had been trading for more than 10 years, with businesses in the construction sector likely to have been trading longer.
Overall, VAT unregistered businesses were more likely to sell goods and services to the general public than to other businesses, although the proportion of B2C sales varied widely between sectors. The accommodation and food service, and wholesale and retail trade sectors were more likely to have a higher proportion of B2C sales.
Nearly all VAT unregistered businesses had made sales to customers in the UK, but only a minority (9%) traded abroad. Sales by VAT unregistered businesses trading in other EU countries were split more evenly between the general public (55%) and other businesses (49%) than was the case with UK sales.
See the report, ‘Trade information among unregistered VAT businesses’ (https://bit.ly/2JJk3Or).
