Regulation 55G Determining relevant turnoverF1

(1)

The Commissioners shall prescribe, in a notice published by them, three methods to determine when supplies are to be treated as taking place for the purpose of ascertaining the relevant turnover of a flat-rate trader for a particular period, as follows—

(a)

“the basic turnover method”, which shall be a method based on consideration for supplies taking place in a period;

(b)

“the cash turnover method”, which shall be a method based on the actual consideration received in a period;

(c)

“the retailer’s turnover method”, which shall be a method based on the daily gross takings of a retailer.

(2)

When exercising their power to prescribe these methods, the Commissioners shall prescribe what rules are to apply when a flat-rate trader ceases to use one of the methods and begins to use a different method.

(3)

In any prescribed accounting period, a flat-rate trader must use one of the methods to determine the value of his relevant turnover.

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