Tour Operators Scheme - Applicable?
Basic story, I've signed on a new client for the firm who is a starting travel agency. They have only just had their first quarter end and I'm doing the VAT for them including a pre-registration claim.
At the moment currently until they get their ABTA license they are simply selling travel flight packages which they buy from another agency and sell on. On their invoices they don't advertise the other agency, only themselves so the final consumer doesnt know where the package originally came from.
Now international VAT is not my field but from what I've researched the TOMS applies to this company and if so what does that mean for the first few quarters? From what it's saying the complex calculation with margins doesn't come into play until the first year is complete, so does that mean for the first 3 quarters all their travel sales are just zero rated, i.e. repayment claims?
- Here we go.... 529 20
- Anybody have that old ACCA Student Training Record (STR)? 72 1
- VAT - Check on clients business 762 31
- Annual to At Least Quarterly 23 1
- Digital tax accounts - what do we expect? 274 5
- trading losses allowable? 645 9
- Salary Sacrifce School Fees Self Assessment 225 11
- Repaying Directors Loans within 9 months 623 21
- Community Faux Pas 548 19
- Probate services 266 2
- Group relief for CT 100 2
- Practical experience 758 14
- Is Xero payroll as rubbish as I suspect it is? 1,229 23
- How do others remember to do things you promise for different clients? What systems? 1,505 32
- Which VAT rate to use 108 1
- Do I need to register for VAT 306 13
- Post AAT? 567 2
- Is cloud accounting actually pretty pants? 1,967 35
- Transfer of a trade WITHOUT assets? 320 5
- check v enquiry v discovery 228 2