Sumup card readers query & VAT

Hi, I’m going to buy an air Card reader with Sumup - is the discount offer, Folksy25, still available for Folksy sellers?

Also, do we need to add VAT on the Sumup App for purchases - or how does the VAT work?

Thank you :heart_eyes:

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I don’t know about the Folksy discount, but unless your turnover is massive - something like £75k, you don’t need to be VAT registered, so VAT on the Sumup App is 0 as far as I know. Thats what I’ve done anyway!!


Oh that’s great, thank you! :heart_eyes:

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You need to be registered for VAT before you charge VAT , so from 1 April 2024, the VAT registration threshold rose from £85,000 to £90,000 . The VAT threshold is measured on the turnover of the previous 12 months, which is the total amount of revenue generated by your business that is not exempt from VAT. The 12 months is a ‘Rolling’ 12 months, so at the end of every month (you can do it daily if you like) you total up all your turnover for the 12 months, if it tops out over £90k (or looks like it might in the next 30 days) you need to register for VAT.
Lots of people mistake Turnover for Profit, it’s not, Turnover is the total amount you receive from your customers, including P&P, Before any fees are taken out, such as Sumup fees , Folksy fees, PayPal fees.
I should imagine only a handful if that Folksy members are registered for VAT🤭


That clarifies it perfectly, thank you! :heart_eyes:

ps, I won’t be needing to register for it :joy::joy::joy: