Does anyone help me with Accounting for a client who is in the business of selling Plane Tickets. When I do the accounts do I show the whole Sales price as turnover or just the commission?
For VAT purposes, do I have to consider the full Sales Amount or just the commission? say if the Commission earned is less than £73k, can I avoid registering for VAT?
When the tickets are sold to the customer can the supplier charge VAT on it if he is registered for VAT, as ticketing is an exempt service for VAT? Also for an exempt trade ( travel ticketing), VAT can't be reclaimed on purchases right?
If he plans to add holiday packages - does he has to go on a Tour Operators scheme for VAT?
If you are in an Exempt VAT business , can you avoid registering for VAT even if your turnover is above the threshold? As you can't charge or reclaim any VAT?
Thanks for your help.