# The Value Added Tax (Amendment) (No. 2) Regulations 2003, Regulation 7: Flat-rate scheme for small businesses


(1) In regulation 55L(1)(a) (admission to the scheme)—
(a) in paragraph (i) (value of taxable supplies), for “£100,000” substitute “£150,000”; and
(b) in paragraph (ii) (total value of income), for “£125,000” substitute “£187,500”.
(2) In regulation 55M (withdrawal from the scheme)—
(a) in sub-paragraphs (a) and (b) of paragraph (1) (total value of income), for “£150,000” substitute “£225,000”; and
(b) in paragraph (2) (total value of income), for “£125,000” substitute “£187,500”.

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Source: https://www.legislation.gov.uk/uksi/2003/1069/regulation/7 (the official version)
Page: https://openlegislation.uk/value-added-tax-amendment-no-2-regulations-2003/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.