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Hi Sir,
may I request some help with clarification of a statement. This is from the study guide:
“The election is available to those businesses with receipts for a 12 month accounting period assessable in the tax year that do not exceed the VAT registration limit of £83,000.
A trader must leave the scheme if receipts assessable in the previous tax year exceed twice the VAT registration limit (£166,000).”doesn’t the trader have to leave the scheme if they earn over £83,000 anyway? I do not understand the point in the second rule.
I would appreciate your kind help and clarification.
No – the 83,000 is the entry level but the taxpayer must only then leave the scheme when they exceed the 166,000 limit
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