Commentary

RCB/9/19 VAT Tour Operators Margin Scheme and retained payments and deposits

Part V16 Forms and other HMRC material

RCB/9/19 VAT Tour Operators Margin Scheme and retained payments and deposits

RCB/9/19 VAT Tour Operators Margin Scheme and retained payments and deposits

Revenue & Customs Brief, Issue 9. 6 September 2019

1 Purpose of this brief

To invite anyone who has paid HMRC too much VAT from 1 March 2019, as a result of an error in the Tour Operators Margin Scheme (VAT Notice 709/5), to correct this.

2 Who should read this brief

Businesses making Tour Operators Margin Scheme (TOMS) supplies.

3 Background

From 1 March 2019, changes to HMRC's VAT policy on retained payments and deposits (see Revenue and Customs Brief 13 (2018)) ensure that businesses account for VAT on retained deposits when customers do

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