Textual Amendments
F1Pt. 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
50.—(1) The Commissioners may, subject to the requirements of this Part, authorise a taxable person to pay and account for VAT by reference to any transitional accounting period, and any subsequent current accounting year at such times, and for such amounts, as may be determined in accordance with the scheme.
(2) A taxable person authorised to pay and account for VAT in accordance with the scheme shall—
(a)pay to the Commissioners by credit transfer—
(i)in cases to which paragraph (3) below applies, the quarterly sum, or as the case may be, the agreed quarterly sum, no later than the last working day of each of the fourth, seventh and tenth months of his current accounting year, save that where that sum does not exceed £400 no quarterly payment need be made; or
(ii)in all other cases, the monthly sum, or as the case may be, the agreed monthly sum, in nine equal monthly instalments, commencing on the last working day of the fourth month of his current accounting year; and
(b)make by the last working 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 for the current accounting year declared on that return.
(3) This paragraph applies where the value of taxable supplies made by a taxable person in the period of 12 months ending on the day before the first day of his current accounting year —
(a)does not exceed £100,000; or
(b)where he was paying quarterly sums under the scheme in that period, does not exceed £110,000.]