VAT: Business Brief on Tour Operators’ Margin Scheme B2B

By   22 April 2024

HMRC have issued a BB 5(2024) on Tour Operators’ Margin Scheme (TOMS) for business to business (B2B) wholesale supplies.

  • sets out the VAT accounting for TOMS B2B wholesale supplies
  • explains that businesses may choose whether to apply TOMS to B2B wholesale supplies
  • details a technical change to the treatment of B2B wholesale supplies in relation to TOMS

Ultimately, the policy allowing businesses to choose whether to apply TOMS to B2B wholesale supplies remains unchanged.