These Regulations, which come into force on 1st April 2004, further amend Parts 7 (annual accounting scheme), 7A (flat-rate scheme for small businesses) and 8 (cash accounting scheme) of the Value Added Tax Regulations 1995 (S.I. 1995/2518) (“principal Regulations”).
Cash accounting scheme8
In regulation 60(1) (exit), for “£750,000” substitute “£825,000”.