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The Olympics - have you thought about TOMS?

Olympic Games in London
With the Olympic Games just around the corner many businesses may find themselves involved in supplies where they are unfamiliar with the correct VAT treatment.

One of the key areas businesses may inadvertently find themselves involved in, is the Tour Operators Margin Scheme (TOMS).  Many people wrongly believe that this scheme only applies if you are a tour operator.  TOMS is in fact compulsory for any businesses that buy-in and re-supply at a profit or otherwise.  This could be as simple as a company arranging coach travel to London with an overnight stay and a ticket to the Olympics opening ceremony. 

The forthcoming Olympics highlights the complexity of TOMS, but the scheme is one which companies need to be aware of in everyday business.

If you believe your organisation may be making TOMS supplies, here are some of the questions you need to know the answers to:

  • When does TOMS apply?
  • Can a supply which takes place solely within the UK fall under TOMS?
  • Can you reclaim VAT incurred on the purchase of the supplies?
  • Does TOMS apply to services enjoyed outside the EU?
  • Where is the place of supply for margin scheme supplies?
  • What is the VAT liability of the supply?
  • Is an in-house supply a margin scheme supply?
  • What is the year-end calculation?
The scheme is seen by many as a complex and confusing area and with events such as the Queens Jubilee, the Olympic Games and Euro 2012 in Ukraine and Poland all approaching - it’s vital that companies are aware of TOMS. 

Register your interestUK Training are producing a short online seminar which will answer all the important questions related to the scheme.  There has already been considerable interest in this seminar and I invite you now to register your interest.  There is no obligation to book, but registering will ensure that you will receive all relevant information on this seminar before anyone else.

Stephen Smith
Managing Director
UK Training (Worldwide) Ltd

 

 

 



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