TOMS - Vat recording

Accounting
1

“I’m using the Tour Operators’ Margin Scheme. My invoices show standard-rated VAT on my own event services, while the accommodation element is under TOMS. At the end of each VAT quarter, I calculate the VAT due on the accommodation margin separately. What is the recommended way to record this additional TOMS VAT in QuickFile before submitting my VAT return?”

  1. use a VAT adjustment,
  2. post a journal,
  3. or another method.
2

Hello @Jenni

Journals are not picked up by the vat return so you would have to make a use a VAT adjustment prior to submitting the return.

3

Thank you for your quick response :grinning_face: