How to account for VAT if you buy in and resell travel facilities as a principal or undisclosed agent.

1. Overview

This notice cancels and replaces Notice 709/5 (6 September 2019) and provides guidance about the Tour Operators Margin Scheme (TOMS) from 1 January 2021 and on the temporary 5% reduced rate of VAT that applies between 15 July 2020 and 31 March 2021.

1.1 What this notice is about

This notice explains how you must account for VAT if you buy in and resell travel facilities as a principal or undisclosed agent (that is, acting in your own name).

It assumes that you have a knowledge of the basic principles of VAT that are explained in VAT guide (VAT Notice 700).

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