PART VIIICASH ACCOUNTING
Admission to the scheme60
—
1
A person who becomes eligible to begin to operate the scheme may do so at the beginning of his next prescribed accounting period.
2
A person may, subject to regulation 64, remain in the scheme unless at the end of one of his prescribed accounting periods the value of taxable supplies made by him in a period of one year then ending has exceeded £437,500 and the value of the taxable supplies made by him in the period of one year then beginning has exceeded £350,000, in which case he shall cease to operate the scheme with effect from the end of the second mentioned period of one year.
3
A person may withdraw from the scheme at the end of one of his prescribed accounting periods where—
a
he derives no benefit from remaining in the scheme, or
b
he is unable, by reason of his accounting system, to comply with the requirements of the scheme.