Regulation 55B Flat-rate scheme for small businessesF1

(1)

The Commissioners may, subject to the requirements of this Part, authorise a taxable person to account for and pay VAT in respect of his relevant supplies in accordance with the scheme with effect from—

(a)

the beginning of his next prescribed accounting period after the date on which the Commissioners are notified F2... of his desire to be so authorised, or

(b)

such earlier or later date as may be agreed between him and the Commissioners.

(2)

The date with effect from which a person is so authorised shall be known as his start date.

(3)

The Commissioners may refuse to so authorise a person if they consider it is necessary for the protection of the revenue that he is not so authorised.

(4)

A flat-rate trader shall continue to account for VAT in accordance with the scheme until his end date.

Annotations

Textual amendments

F1: Pt. 7A inserted (25.4.2002) by The Value Added Tax (Amendment) (No. 2) Regulations 2002 (S.I. 2002/1142), regs. 1(2), 7
F2: Words in reg. 55B(1)(a) omitted (1.1.2004) by virtue of The Value Added Tax (Amendment) (No. 6) Regulations 2003 (S.I. 2003/3220), regs. 1(1)(b), 17