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.
71 New Dover Road
T: 03330 100 220
17-21 Ashford Road
T: 03330 100 221
With MHA MacIntyre Hudson’s support, our business has been very successful since we started three years ago. Simon Burke - Dalbergia Group
The team at MHA MacIntyre Hudson have taken away the burden of the day to day bookkeeping, payroll and CIS work off me. This has enabled me to spend more time working on my business, finding new work, new ideas and ways to be more profitable. Thanks to the help I’ve received, I can see a bright future for me and my company. Luke Day - Complete Wiring Solutions