An exempt trader must notify us of

any material change in the nature of their supplies, or a material alteration in the proportion of zero rated supplies, or

any acquisition from EU member states

that may affect their exempt status. Where the person fails to do so, the potential lost revenue (PLR) is the amount of VAT for which they are liable for the period from

the date on which the person should have been registered, to

the day before

the person notified us of their liability to be registered, or

we otherwise became aware that the obligation should have been met.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.