Residential lets are usually exempt from VAT but if you supply accommodation in a hotel or similar establishment then your supply is standard rated.
What will be the 2020 outlook for VAT in the travel sector?
Hard Brexit – how will tour operators be affected?
What we didn’t know until now, was how tour operators were expected to handle a hard Brexit.
The government’s first batch of advice for UK businesses in the event of a no deal Brexit includes help with both VAT and customs duty.
Following today’s government response to the Home Affairs Committee report on customs operations post Brexit, Sue Rathmell, VAT Director at MHA MacIntyre Hudson, comments on the need for concrete government action to allow businesses to get cracking and prepare for any changes
our operators use an EU wide scheme known as the Tour Operators’ Margin Scheme or TOMS for short, in order to calculate how much VAT is payable on the holidays they sell. They have to calculate the margin, i.e. the difference between the selling price and the total of all the VAT inclusive costs of the holiday.
In the last few weeks I have seen two businesses that have been using the VAT flat rate scheme that would be far better off outside the scheme. Why is this? The flat rate scheme is a simplification introduced by HMRC to help small businesses account for VAT more simply. However as a simplification, it is not the best route for every business.
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SilverLining UK very highly recommends MHA MacIntyre Hudson for all your company’s financial accounting needs.Our corporation has worked with MHA MacIntyre Hudson for the last 4 years. They are truly the best at what they do.They continually provide timely and excellent service and go ‘above and beyond' for their client. Their knowledge, communication skills and professional qualifications are of the highest quality and standards. SilverLining UK - Construction Sector
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