net of vat

[taxi-maid]

if turnover is net of vat, could i then assume that cost of sales is also net of vat

[ummmm]

I'm not sure I understand your question.

[buildersmate]

Yes, because it would be stupid to produce accounts with VAT included on some aspects but not on others.
Convention says that accounts are produced exclusive of VAT and there is normally a note to the accounts to say as much.