VAT Using the Tour Operators’ Margin Scheme (‘TOMS’)

Introduction

Businesses buying in and re-selling travel, accommodation and certain other services must account for VAT using the Tour Operators’ Margin Scheme (‘TOMS’). Despite the name, TOMS applies to a wide range of businesses including conference and event organisers and not just traditional tour operators and travel agents.

Whilst intended to be a simplification measure, TOMS can be complex and often involves detailed calculations. Getting it wrong can lead to unexpected VAT costs and penalties, meaning a sound understanding of the TOMS rules is essential.

This virtual classroom session provides accountants with a practical and interactive guide to dealing with TOMS, including use of worked examples and case studies throughout. The course is suitable for intermediate level delegates with prior knowledge of VAT.

No prior knowledge of TOMS is required.

TOMS is an EU wide scheme so the general principles will be common throughout and a significant part of this course covers the impact of EU regulations on UK established tour operators.

What You Will Learn

This live and interactive session will cover the following:

• Introduction to TOMS
• What is TOMS and how does it work?
• When does TOMS apply?
• Brexit changes and the future of TOMS
• TOMS Rules Explained
• Margin scheme and in-house supplies
• Place of supply, time of supply and liability of margin scheme packages
• Agents
• Business to business and wholesale supplies
• Incidental supplies
• Reclaiming input VAT on costs
• Invoices and record keeping
• Provisional payments
• Annual adjustment calculation
• Specific Scenarios
• Tour operators
• Hotels and Bedbanks
• Conferences and events
• TOMS Calculations
• Starting to use TOMS
• Market value, cost-based and simplified calculations
• Selling price and costs
• Transport company

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.