The Value Added Tax Regulations 1995

[F1Determining relevant turnoverU.K.

55G.—(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.]

Textual Amendments