During the ABTA Travel Finance Seminar last week, there was some confusion regarding Making Tax Digital (MTD) and Tour Operators Margin Scheme (TOMS). In particular, the question was raised as to the proposed staging date. As you will likely be aware, the date in which MTD ceases as a pilot scheme and becomes live is…
What’s it all about? If you’re fond of listening to the radio, the chances are that you’ve heard the government’s catchy advertisement for ‘Making Tax Digital’ (MTD). It’s the latest initiative from Her Majesty’s Revenue and Customs (HMRC) to simplify the tax system. In a nutshell, we’re eventually going to have to submit all tax…
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…
