TOMS VAT returns

starting from £725 + VAT /annual return

No need to worry anymore, you have come to the TOMS accountant who will help you gain back your peace of mind. 

The Tour Operators’ Margin Scheme (TOMS) is a VAT accounting scheme specific to the travel & tourism sector. 

It applies to businesses that buy-in and re-sell travel, accommodation and certain other services. 

At LAS Accounting we specialise in accounting for the travel industry. As such, we are experts in TOMS. 

While most accountants avoid working with TOMS because they perceive it as an unnecessary head ache, we take the approach that TOMS is no magnet for paracetamol. On the contrary, we specialised in TOMS, so we are happy to work this for you so that you could go back to doing what you are passionate about. 

If you don’t know where to start, then we can help. We offer an end-to-end service to businesses in the travel sector, based on solid and thorough bookkeeping designed for the purpose of empowering you to not fear your numbers anymore, be in control and enjoy the lifestyle that you always wanted. 

Do I need to register for VAT ?

VAT for the travel & tourism sector

By law in the UK businesses need to register for VAT if when their taxable turnover is £90,000 or more in any 12 month rolling period. 

However, this does not necessarily apply to you if your business is in the travel & tourism sector because you may make supplies that HMRC considers to be Margin Scheme supplies

In a way, this is actually good news for you because under the general VAT law you would end up paying too much tax to the extent of losing all your hard earned profit. 

The TOMS (Tour Operators’ Margin Scheme) aims to simplify the VAT process for the travel business owner. 

Making Tax Digital for VAT (MTD)

As of 2019, VAT submissions must be made through accounts software. If you don’t know where to start then we can help. You can apply for an exemption from registering for VAT if you believe that your taxable turnover will only briefly exceed the threshold i.e. you are expecting a large order next month that will take you over the threshold for VAT, but you fully believe that sales will drop in the following month.

Matters tend get complicated when it comes to calculating your VAT taxable turnover if your business is in the travel & tourism sector. Don’t worry, this is something that we can take care of for you. 

Why do you need a TOMS accountant ?

There are quite a few obvious reasons why a travel business would prefer a TOMS accountant work the TOMS return for them, here are some:

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