Commentary

V7.500 Tour Operators' Margin Scheme—TOMS supplies forming only an incidental part of the business

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.500 Tour Operators' Margin Scheme—TOMS supplies forming only an incidental part of the business

Part V7 Tax planning | Commentary

V7.500 Tour Operators' Margin Scheme—TOMS supplies forming only an incidental part of the business

HMRC has confirmed in paragraph 3.5 of Notice 709/5/19 that a business does not need to use the TOMS if it:

  1.  

    •     does not buy in any supplies of accommodation or passenger transport for resale, and

  2.  

    •     buys in for resale other supplies which are normally margin scheme supplies, but

  3.  

    •     does not expect the total gross turnover from these other supplies to exceed 1% of total gross turnover

The following examples are provided in paragraph 3.5 of Notice 709/5/19:

I

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial