V3.591 Tour operators' margin scheme (TOMS)—overview
This paragraph provides an overview of the tour operators' margin scheme (often referred to as the TOMS). It also refers to further detailed commentary on the subject.
General principles of the TOMS
The TOMS is a mandatory accounting scheme used by persons based in the UK which by and resell travel-related services such as accommodation, passenger transport, hire of a means of transport, trips, excursions and the services of tour guides1. The kinds of supplies covered by the TOMS are defined in the legislation as 'designated travel services' but are frequently referred to by HMRC as 'margin scheme supplies'2.
Broadly, the TOMS accounting scheme requires a person to perform a year-end calculation which is based upon figures in its annual
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