Commentary

V3.553 Retail scheme agreed with HMRC

Part V3 Supplies, acquisitions and imports

V3.553 Retail scheme agreed with HMRC

V3.553 Retail scheme agreed with HMRC

Regulations1 made under VATA 1994 Sch 11 para 2(6) provide that HMRC may permit a retailer to calculate the value of his positive rate supplies for a prescribed accounting period in accordance with a method agreed between them. HMRC may amend the terms of such a method by adapting it by agreement with the retailer2. HMRC also have power to conclude a binding free-standing agreement with a retailer under their general powers of care and management. Whether the agreement concerned is an adaptation of a scheme or free-standing makes no difference, the important question

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