Tour Operators Margin Scheme (TOMS)

Tour Operators Margin Scheme (TOMS)

The information provided in this article shows how you must account for VAT if you buy-in and re-sell travel facilities as a principal or an undisclosed agent (that is, acting in your own name). TOMS is the special name given to businesses that buy-in and re-sell...
VAT and indirect taxes

VAT and indirect taxes

VAT From 1 April 2013 2012 Standard rate 20% 20% VAT fraction 1/6 1/6 Taxable turnover limits Registration – last 12 months from 1 April or next 30 days over £79,000 £77,000 Deregistration – next year under £77,000 £75,000 Annual accounting scheme...
VAT Issues Update

VAT Issues Update

From 1 April 2010, any VAT registered business with a turnover in excess of £100,000 per annum has to file their VAT returns online and pay any VAT due electronically.  Also any business registering for VAT on or after 1 April 2010 must file their VAT returns online...