The question is how to deal with the VAT accounting on the letting charges. Three possible options could arise:You account for the standard VAT rate (20%) on the letting chargesYou look to access the Flat Rate if your annual turnover is less than £150,000 excluding VATDo you have to use the Tour Operators Margin Scheme (TOMS)?We understand that the use of the TOMS route – which is mandatory if indeed it does apply – is currently the subject of a challenge from HMRC.
Source: centurionvat.com
Latest Posts in "United Kingdom"
- Upper Tribunal Rules Hair Loss System for Severe Baldness Qualifies for VAT Zero Rating
- FTT: Yourway Transport Entitled to Recover Import VAT on EU Drug Deliveries, Not UK or Non-EU
- Court of Appeal Confirms FTT’s Supervisory Jurisdiction Over HMRC Discretion in Input Tax Cases
- FTT Upholds HMRC’s Best Judgment VAT Assessments Against Complete Electrical Services (NW) Ltd
- HMRC Updates List of VAT-Exempt Investment Gold Coins in VAT Notice 701/21A
