(This note is not part of the Regulations)

These Regulations provide, subject to certain conditions, for a taxable person to be authorised to account for and pay tax on the basis of cash or other consideration paid and received. They also set out the consequential requirements where a person ceases to be authorised for cash accounting. Provision is made for an appeal to the independent VAT Tribunal against a decision to refuse or withdraw an authorisation.

The Regulations are by way of derogation from Article 17.1 of Council Directive 77/388/EEC (OJNo. L 145, 17.5.77, p1).