Regulation 50 (2) and (3) list the requirements for businesses
who use the annual accounting scheme.
50(2) A taxable person authorised to pay and
account for VAT in accordance with the schemeshall-
(a) pay to the Commissioners by credit
transfer-
(i) where the taxable person and Commissioners
agree to such paymentpattern, the quarterly sum, or as the case may
be the agreed quarterly sum,no later than the last working day of each of
the fourth, seventh and tenthmonths of his current accounting year;
(ii) in all other cases, the monthly sum, or
as the case may be, the agreedmonthly sum, in nine equal monthly
instalments, commencing on the lastworking day of the fourth month of his current
accounting year; and
(b) make by the last working day of the second
month following the end of thatcurrent accounting year a return in respect of
that year, together with any outstandingpayment due to the Commissioners in respect of
his liability for VAT for the currentaccounting year declared on that
return.
