The following Direction is made by the Comptroller of Taxes using powers given to him under Article 41(1) of the Goods and Service Tax Law 2007 (as amended).
Annual accounting scheme criteria
“Where a taxable person satisfies the criteria set out in the Information published by the Taxes Office titled “GST: Annual Accounting Scheme”, it shall, on application and approval by the Taxes Office, account for GST in accordance with the details published in the Information Sheet.”
The Annual Accounting Scheme is designed to ease GST accounting requirements for smaller businesses. Those accepted on to the scheme will submit one GST return for each calendar year (instead of four), and make two payments of GST due to the Treasury (instead of four).
Applications to use the scheme are invited from the over 700 businesses with a taxable turnover up to £500,000. Users will be asked to make an interim payment by 31 July each year, based on half the GST due from them the previous year, with the balance of tax due for payment required by the following 31 January, with the Annual GST Return. The first Annual GST Returns will be for 2010.
This Direction has effect from 1 February 2010.
Expiry date: None