We also read that some major “no-frills” carriers, will soon be packaging their flights with accommodation, and that other major agency chains are turning to tour operating.
Plus, corporate event organising seeming to expand on a daily basis.
So, that’s where I come into the equation!
As you will have seen from my Home page, a major part of my work in HMRC for many years, has been on the TOMS.
This “wondrous” scheme will invade the tax accounting of an ever-increasing population, due to dynamic packaging, agent to principal shift, and “net pricing” (agents acting as undisclosed).
[not forgetting “market values”].
A recent audit of 128 ATOL holders by Price Waterhouse Coopers (TTG 20/3/2009), has thrown up the agent/principal dilemma once more, and the possibility of TOMS arrears if HMRC start investigations.
You need to know which side of the fence you belong, and what your VAT exposure could be if you get it wrong
The sooner you have a grip on TOMS (and other travel-related VAT) the better – trust me!
You really don’t want an assessment (with interest and penalties) for non-compliance, or alternatively to be paying too much VAT for several years, and only receive the overpayment from HMRC, with no interest!
Of course, if the TOMS (or other VAT issues) are already a part of your business life, we can discuss retrospective reviews and forward planning.
So call or email me - we can discuss what I can do and what I need from you.
