F1PART VIIANNUAL ACCOUNTING
Annual accounting scheme51
An authorised person shall, where in any given case the transitional accounting period is—
a
4 months or more—
i
if the value of his taxable supplies during the period of 12 months immediately preceding the first day of his transitional accounting period did not exceed £100,000, pay to the Commissioners by credit transfer on each relevant quarterly date the quarterly sum, save that where that sum does not exceed £400 no quarterly payment need be made; or
ii
in all other cases, pay to the Commissioners by credit transfer on each relevant monthly date the monthly sum; and
iii
make by the last working day of the second month following the end of his transitional accounting period a return in respect of that period, together with any outstanding payment due to the Commissioners in respect of his liability for VAT declared on that return; or
b
less than 4 months, make by the last working day of the first month following the end of his transitional accounting period a return in respect of that period, together with any outstanding payment due to the Commissioners in respect of his liability for VAT declared on that return.
Pt. 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