Tour Operators' Margin Scheme

New HMRC policy on the Tour Operators’ Margin Scheme for B2B wholesale supplies

26 April 2024| CATEGORIES: B2B, HMRC guidance, TOMS| TAGS: , ,

HMRC have published Revenue and Customs Brief 5 (2024) on the application of the Tour Operators’ Margin Scheme (TOMS) for business-to-business (B2B) wholesale supplies.  The brief explains that businesses can choose if they want to apply the Tour Operator’s Margin Scheme (TOMS) to B2B wholesale supplies.


Interpretation of VAT and Excise law from 1 January 2024

17 April 2024| CATEGORIES: Brexit, UK VAT legislation| TAGS: , ,

HMRC have published Revenue and Customs Brief 4 (2024) which explains how VAT and excise legislation should be interpreted in light of the Retained EU Law (Revocation and Reform) Act 2023, and
the bespoke solution introduced for VAT and excise in Finance Act 2024. The Retained EU Law (Revocation and Reform) Act 2023 removes the supremacy of EU law in the UK.


Non-established taxable persons (NETPs): Updated VAT registration guidance

10 April 2024| CATEGORIES: HMRC guidance, Non-established taxable persons, UK, VAT registration| TAGS: , , ,

HMRC have amended VAT registration information relating to non-established taxable persons (NETPs) in VAT Notice 700/1. An NETP is any person who does not have a UK establishment. The rules regarding VAT registration can be complex, especially for overseas sellers of goods via an online marketplace.


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