PART IIFLAT-RATE SCHEME FOR SMALL BUSINESSES
9
In Part IX of the Value Added Tax Regulations 1995 (supplies by retailers)—
a
immediately before the definition of “notice” insert—
“flat-rate trader” has the meaning given in regulation 55A;
b
immediately after regulation 69, insert-
69A
No retailer may use a scheme at any time for which he is a flat-rate trader.
c
in regulation 71, make the existing provision paragraph (1) and after it insert—
2
Paragraph (1) shall not apply where a retailer ceases to operate a scheme solely because he becomes a flat-rate trader.