F1PART VIIAFLAT-RATE SCHEME FOR SMALL BUSINESSES

Annotations:
Amendments (Textual)

Relevant supplies and purchases55C

1

Subject to paragraphs (3) and (5), any—

a

supply of any goods or services to,

b

acquisition of any goods from another member State by, or

c

importation of any goods from a place outside the member States by,

a flat-rate trader is a relevant purchase of his.

2

Subject to the following provisions of this regulation, any supply made by a person when he is not a flat-rate trader is not a relevant supply of his.

3

Subject to paragraph (4) below, where—

a

a supply is made to, or made by, a person at a time when he is not a flat-rate trader, and

b

the operative date for VAT accounting purposes is, by virtue of regulation 57 (cash accounting scheme), a date when he is a flat-rate trader,

that supply is a relevant supply or a relevant purchase of his, as the case may be, if otherwise it would not be by virtue of paragraph (2) above.

4

Where a person—

a

is entitled to any credit for input tax in respect of the supply to, or acquisition or importation by, him of capital expenditure goods,

b

claims any such credit, and

c

makes a supply of those capital expenditure goods,

the supply made by him is not a relevant supply of his, if otherwise it would be.

5

Where by virtue of any provision of, or made under, the Act a supply is treated as made by a flat-rate trader, whether to himself or otherwise, that supply is neither a relevant supply nor a relevant purchase of his.