The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the two TOMS calculations that can be undertaken by a business that makes 'margin scheme' supplies. This note should be read in conjunction with the Overview of the Tour Operators Margin Scheme (TOMS) and Operating TOMS guidance notes.
Businesses using TOMS need to keep the following records:
There are two TOMS calculations that can be used by businesses:
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