F1PART VIIANNUAL ACCOUNTING
Annotations:
Amendments (Textual)
Admission to the scheme53
1
An authorised person shall continue to account for VAT in accordance with the scheme until he ceases to be authorised.
2
An authorised person ceases to be authorised when—
a
at the end of any transitional accounting period or current accounting year the value of taxable supplies made by him in that period or, as the case may be, year has exceeded F2£1,600,000; or
b
his authorisation is terminated in accordance with regulation 54 below;
c
he—
i
becomes insolvent and ceases to trade, other than for the purpose of disposing of stocks and assets; or
ii
ceases business or ceases to be registered; or
iii
dies, becomes bankrupt or incapacitated;
d
he ceases to operate the scheme of his own volition.
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