Annual accounting schemeU.K.
50. The Commissioners may, subject to this Part, authorise a taxable person to account for VAT in accordance with a scheme (hereinafter referred to in this Part as “the scheme”) by which he—
(a)pays by direct debit on his bank account in 9 equal monthly instalments commencing on the last day of the fourth month of his current accounting year 90 per cent. of his liability for VAT as estimated by the Commissioners for that current accounting year, and
(b)makes by the last day of the second month following the end of that current accounting year a return in respect of that year, together with any outstanding payment due to the Commissioners in respect of his liability for VAT declared on that return.
Commencement Information
I1Reg. 50 in force at 20.10.1995, see reg. 1