taxable person

taxable person
In the context of value added tax (VAT), a supplier who has made supplies over the past 12 months exceeding (or there are reasonable grounds for believing that such value will exceed in the next month) the registration limit. A taxable person must account to HM Revenue and Customs (HMRC) for VAT on its taxable supplies (taxable supply).
A supplier may also become a taxable person by registering voluntarily if either:
• It makes taxable supplies; or
• It is carrying on a business and intends to make taxable supplies.
A taxable person can be an individual, a partnership, a company or other legal entity.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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