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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Value Added Tax (Amendment) Regulations 2004 No. 767 URL: https://www.bailii.org/uk/legis/num_reg/2004/20040767.html |
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Made | 17th March 2004 | ||
Laid before the House of Commons | 17th March 2004 | ||
Coming into force | 1st April 2004 |
regulation 6 has effect in relation to him on 1st July 2004, not on 1st April 2004.
(2) Except that if -
regulation 6 has effect in relation to him on the day that the change occurs.
(3) In this regulation, "his main business activity" in a period is to be determined by reference to regulation 55K(4) of the Value Added Tax Regulations 1995[2].
Amendment
3.
The Value Added Tax Regulations 1995[3] are amended as follows.
Annual accounting scheme
4.
In regulation 52(1)(b) (admission), for "£600,000" substitute "£660,000".
5.
In regulations 53(2)(a) and 54(1)(e) and (2) (exit), for "£750,000" substitute "£825,000".
Flat-rate scheme for small businesses
6.
In regulation 55K (category of business), in the Table -
Cash accounting scheme
7.
In regulation 58(1)(a) (admission), for "£600,000" substitute "£660,000".
8.
In regulation 60(1) (exit), for "£750,000" substitute "£825,000".
9.
For regulation 61 (rules on withdrawal), substitute -
(2) Where the value of taxable supplies made by a person in the period of three months ending at the end of the prescribed accounting period in which he ceased to operate the scheme has exceeded £660,000, he may not apply transitional arrangements.
(3) In paragraph (1)(a), "settle up" means account for and pay on a return made for the prescribed accounting period in which he ceased to operate the scheme -
(4) In paragraph (1)(b), "apply transitional arrangements" means continue to operate the scheme in respect of his scheme supplies for 6 months after the end of the prescribed accounting period in which he ceased to operate the scheme.
(5) In paragraph (4), "scheme supplies" means supplies made and received while he operated the scheme that are not excluded from the scheme by virtue of regulation 57A or 58 or conditions described in a notice.
(6) Where a person chooses to apply transitional arrangements, he shall account for and pay on a return made for the first prescribed accounting period that ends 6 months or more after the end of the prescribed accounting period in which he ceased to operate the scheme -
10.
After regulation 64 insert -
M J Hanson
Commissioner of Customs and Excise
New King's Beam House 22 Upper Ground London SE1 9PJ
17th March 2004
[2] S.I. 1995/2518; regulation 55K was inserted by S.I. 2002/1142 and amended by S.I. 2003/1069 and S.I. 2003/3220.back
[3] S.I. 1995/2518; relevant amending instruments are S.I. 1996/542, S.I. 2001/677, S.I. 2002/1142 and S.I. 2003/1069 (annual accounting), S.I. 2002/1142, S.I. 2003/1069 and S.I. 2003/3220 (FRS), and S.I. 1997/1614, S.I 2001/677 and S.I. 2002/1142 (cash accounting) .back
[4] 1994 c. 23; section 36 was amended by section 39 of, and Part 4(3) of Schedule 18 to, the Finance Act 1997 (c. 16), section 23 of the Finance Act 1998 (c. 36), section 15 of the Finance Act 1999 (c. 16) and section 22 of, and Part 2 of Schedule 40 to, the Finance Act 2002 (c. 23).back
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