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 on the introduction of the temporary 5% reduced rate of VAT that will apply between 15 July 2020 and 12 January 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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