Regulation 6 Admission to the scheme

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg.6(1) substituted by Value Added Tax (Cash Accounting) 1993 reg.6(a)
reg.6(2) amended by Value Added Tax (Cash Accounting) 1993 reg.6(b)(d)
reg.6(2)(a) am. and rev in pt by Value Added Tax (Cash Accounting) 1993 reg.6(c)
reg.6(2)(b) amended by Value Added Tax (Cash Accounting) 1993 reg.6(b)(d)
reg.6(3) substituted by Value Added Tax (Cash Accounting) 1993 reg.6(e)
reg.6(2) substituted by Value Added Tax (Cash Accounting) 1993 reg.4
reg. 6 amended by Value Added Tax (Cash Accounting) 1990
reg. 6 amended by Value Added Tax (Cash Accounting) 1990

(1)

An authorised person may start to use the scheme at the beginning of his next prescribed accounting period indicated in the notification of that authorisation.

(2)

An authorised person shall remain in the scheme for a minimum of two years unless—

(a)

at the end of any quarter or prescribed accounting period the value of taxable supplies made by him in the year then ended has exceeded by 25 per cent or more the figure of £250,000 and in the year then beginning is expected to exceed the figure of £250,000, in which case he shall within thirty days notify the Commissioners and cease to operate the scheme at the anniversary of his joining; or

(b)

at any time there is reason to believe that the value of taxable supplies made by him in the year then beginning will exceed by 25 per cent or more the figure of £250,000 in which case he shall within thirty days notify the Commissioners who may terminate his authorisation at the end of the next accounting period.