Regulation 51 Annual accounting schemeF1

An authorised person shall, where in any given case the transitional accounting period is—

(a)

4 months or more—

(F2i)

where the taxable person and Commissioners agree to such payment pattern, pay to the Commissioners by credit transfer on each relevant quarterly date the quarterly sum; or

(ii)

in all other cases, pay to the Commissioners by credit transfer on each relevant monthly date the monthly sum; and

(iii)

make by the last working day of the second month following the end of his transitional accounting period a return in respect of that period, together with any outstanding payment due to the Commissioners in respect of his liability for VAT declared on that return; or

(b)

less than 4 months, make by the last working day of the first month following the end of his transitional accounting period a return in respect of that period, together with any outstanding payment due to the Commissioners in respect of his liability for VAT declared on that return.

Annotations

Textual amendments

F1: Pt. 7 substituted (with effect in accordance with reg. 1 of the amending S.I.) by The Value Added Tax (Annual Accounting) Regulations 1996 (S.I. 1996/542), regs. 1, 3
F2: Reg. 51(a)(i) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Value Added Tax (Amendment) (No. 2) Regulations 2002 (S.I. 2002/1142), regs. 1(2), 5