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
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