What if we are a new firm on our first renewal and do not hold 12 months worth of turnover data?
The turnover figure provided must be for a 12-month period. For a brand new firm (i.e. not a successor firm nor one resulting from change in status), an estimate for the first 12 months of practice (irrespective of whether this is after 31 October 2009) will be accepted; the basis upon which the firm has made the estimate should be provided. In many circumstances, VAT Returns Box 6 could potentially be used as a reasonable proxy for estimation purposes and pro-rated (scaled up to a 12-month period) as necessary.
