The Value Added Tax (Payments on Account) Regulations 1992

• Citation: S.I. 1992/1536
• Sections: 5

Section 1

These Regulations may be cited as the Value Added Tax (Payments on Account) Regulations 1992 and shall come into force on 1st August 1992.

Section 2

In these Regulations “payments on account” means such payments as are referred to in article 3 of the Value Added Tax (Payments on Account) Order 1992 .

Section 3

The Commissioners shall notify in writing a taxable person who is required to pay payments on account of:

(a) the amounts that he is required to pay;

(b) how those amounts have been calculated; and

(c) the times for payment of those amounts.

Section 4

If in respect of a prescribed accounting period the total amount of the payments on account paid by the taxable person exceeds the amount of the output tax due from him, then, the amount of the excess shall be paid to him by the Commissioners if and to the extent that it is not liable to set-off under section 21 of the Finance Act 1988 .

Section 5

Where a taxable person is required to pay a payment on account but he fails to do so by the last day on which he is so required, that payment on account shall be recoverable as if it were tax due from him.