The Value Added Tax Regulations 1995

Admission to the scheme

52.  —

(1) An authorised person may start to use the scheme at the beginning of the current accounting year indicated in the notification of that authorisation.

(2) An authorised person may remain in the scheme unless—

(a) at the end of any current accounting year the value of taxable supplies made by him in that year has exceeded by 25 per cent. or more the figure of £300,000, in which case his authorisation shall terminate forthwith;

(b) at any time there is reason to believe that the value of taxable supplies made by him in a current accounting year will exceed by 25 per cent. or more the figure of £300,000, in which case he shall within 30 days notify the Commissioners, who may terminate his authorisation; or

(c) his authorisation is terminated in accordance with regulation 55.