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.