25 Payment by reference to accounting periods and credit for input tax against output tax
Value Added Tax Act 1994 (1994 c 23) | Legislation

25  Payment by reference to accounting periods and credit for input tax against output tax

(1)     A taxable person shall—

(a)     in respect of supplies made by him, . . .

(b)     . . .

account for and pay VAT by reference to such periods (in this Act referred to as “prescribed accounting periods”) at such time and in such manner as may be determined by or under regulations and regulations may make different provision for different circumstances.

(2)     Subject to the provisions of this section, he is entitled at the end of each prescribed accounting period to credit for so much of his input tax as is allowable under section 26, and then to deduct that amount from any output tax

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