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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.

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NETPs

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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