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The Value Added Tax (Amendment) (No. 2) Regulations 2001
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- UK Statutory Instruments
- 2001 No. 677
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations, which come into force on 1st April 2001, further amend Part VII (Annual Accounting) and Part VIII (Cash Accounting) of the Value Added Tax Regulations 1995 (S.I. 1995/2518) (the “principal Regulations”).
Regulation 3 increases the maximum turnover limit for entrants to the annual accounting scheme, prescribed in regulation 52(1)(b) of the principal Regulations, from £300,000 to £600,000. The maximum turnover limit for those already operating the scheme, prescribed in regulations 53(2)(a) and 54(1)(e) of the principal Regulations, is also increased from £375,000 to £750,000. Consequential amendment is made to regulation 54(2) of the principal Regulations.
Regulation 4 increases the maximum turnover limit for entrants to the cash accounting scheme, prescribed in regulation 58(1)(a) of the principal Regulations, from £350,000 to £600,000. The maximum turnover limit for those already operating the scheme, prescribed in regulation 60(1) of the principal Regulations, is also increased from £437,500 to £750,000.
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