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Alterations are to be made to the tour operators’ margin scheme. STEPHEN JAMES explains their impact on businesses
KEY POINTS
- An explanation of how TOMS has worked up to now.
- HMRC have taken a helpful approach.
- The opt in and opt out concessions are to be removed.
- The market value method.
- Review previous arrangements.
The tour operators’ margin scheme (TOMS) was introduced into the UK with effect from 1 April 1988.
It is an EU-wide scheme and one of its main aims is to simplify the VAT treatment of supplies of hotel travel and other holiday facilities bought and resold by a supplier established in a different member state to that in which the facilities are enjoyed or consumed.
The changes which are due to take effect from 1 January 2010 will remove an element of the simplification and will lead to increased costs for some operators many...
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