We work with companies across the leisure sector together with: hotels, mattress and breakfast and self-catering establishments, leisure sights, caravan parks, health golf equipment, cinemas and theatres, night time clubs, eating places and pubs and international resort areas. Travel has its personal special VAT regime the Tour Operators Margin Scheme (TOMS”). Read More About Travel Guide Here The TOMS is quite in contrast to regular VAT accounting, because it calculates VAT on the revenue made by the enterprise. Although it’s speculated to make life easier, like many things within the World of VAT it is not as simple as it was supposed. As it’s a international scheme working outdoors of any accounting system, it isn’t subject to any of the controls built into accounting methods and this together with its inherent complexity can give rise to errors. The EU is looking to reform TOMS and Brexit will cause additional uncertainty for businesses within the sector.
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