Head of Travel & Leisure

HMRC Publishes Guidance on TOMS

Last month HMRC issued Revenue and Customs Brief 13 (2018) outlining changes to the VAT treatment of retained payments and deposits. For travel organisers using the Tour Operators Margin Scheme (“TOMS”) this will mean that from 1 March 2019 cancellation income cannot be isolated from the TOMS calculation as currently. HMRC Brief 13 2018 Of…