F1PART VIIAFLAT-RATE SCHEME FOR SMALL BUSINESSES
Determining relevant turnover55G
1
The Commissioners shall prescribe, in a notice published by them, three methods to determine when supplies are to be treated as taking place for the purpose of ascertaining the relevant turnover of a flat-rate trader for a particular period, as follows—
a
“the basic turnover method”, which shall be a method based on consideration for supplies taking place in a period;
b
“the cash turnover method”, which shall be a method based on the actual consideration received in a period;
c
“the retailer’s turnover method”, which shall be a method based on the daily gross takings of a retailer.
2
When exercising their power to prescribe these methods, the Commissioners shall prescribe what rules are to apply when a flat-rate trader ceases to use one of the methods and begins to use a different method.
3
In any prescribed accounting period, a flat-rate trader must use one of the methods to determine the value of his relevant turnover.
Pt. 7A inserted (25.4.2002) by The Value Added Tax (Amendment) (No. 2) Regulations 2002 (S.I. 2002/1142), regs. 1(2), 7