Commentary

RCB/12/07 VAT—changes to the Cash Accounting Scheme

Part V16 Forms and other HMRC material

RCB/12/07 VAT—changes to the Cash Accounting Scheme

RCB/12/07 VAT—changes to the Cash Accounting Scheme

Revenue & Customs Brief, Issue 12. 9 February 2007

This Revenue & Customs Brief explains changes to the Cash Accounting Scheme which will take effect from 1 April 2007.

The changes are—

  1.  

    —     The annual turnover limit below which businesses can start to use the scheme, will increase from £660,000 to £1.35 million.

  2.  

    —     The annual turnover limit above which businesses must leave the scheme, will increase from £825,000 to £1.6 million.

  3.  

    —     The scheme allows eligible businesses to account for and pay VAT to HMRC only when they receive payment from their customers. A

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