Cash accounting scheme: Previous changes to the scheme: Changes introduced on 20 October 1995
Update 1 to Notice 731 issued in May 1994 was issued in December 1995. It detailed changes that took place with effect from 20 October 1995, when the VAT Regulations were consolidated. As part of the consolidation Regulation 58(2) was amended to exclude:
- lease purchases from the cash accounting scheme;
- supplies that will not be paid for in full within 12 months from the date of the issue of the VAT invoice.