Exemption from registration: changes in circumstance which may affect exemption
Where a person who has been granted exemption changes the nature of their business or the ratio of their standard-rated and zero-rated supplies, they are required to notify the Commissioners as follows.
|If there is a material change in the nature of the supplies||the person must notify us|
- within 30 days of the date it occurred, or
if a particular date cannot be identified, within 30 days of the end of the quarter in which the change happened. If there is a material alteration in the proportion of taxable supplies the person must notify us within 30 days of the end of the quarter in which the proportion changed.
References to a ‘quarter’ above should be taken to mean any three consecutive months.
Any person granted exemption who fails to notify any such change is liable to a penalty.