Commentary

V7.213 Eligibility to use the annual accounting scheme

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.213 Eligibility to use the annual accounting scheme

Part V7 Tax planning | Commentary

V7.213 Eligibility to use the annual accounting scheme

A business is able to apply for and adopt annual accounting if the following condition is met:

  1.  

    •     Taxable turnover in the next 12 months is expected to be £1,350,000 or less the turnover level excludes the sale of capital assets and also the value of any exempt supplies made by the business. Once a business has joined the scheme, it can remain in the scheme until the value of its annual taxable sales (VAT exclusive) exceeds £1,600,000.

A business can apply to join the annual accounting scheme as soon as it

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