A taxable person1 must account for and pay VAT, both in respect of supplies made by him2, and the acquisition by him from another member state of any goods3, by reference to 'prescribed accounting periods'4 at such time and in such manner as may be determined by or under regulations5 made by the Commissioners for Her Majesty's Revenue and Customs6.
At the end of each prescribed accounting period, the taxable person is entitled7 to credit for so much of his input tax8 as is allowable9 and then to deduct that amount from any output tax10 that is due from him
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