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Industry body relaunches TOMS white paper in wake of Brexit

HBAA revises its TOMS (Tour Operators Margin Scheme) white paper in the wake of the vote to leave the EU

Pictured: HBAA chair Leigh Cowlishaw

The HBAA has revised and relaunched its TOMS (Tour Operators Margin Scheme) white paper in the wake of the UK’s vote to leave the EU.

The original HBAA TOMS paper was commissioned by VAT specialist David Bennett in 2010, the year that HMRC made far-reaching changes to the VAT rules in the UK.

Now Bennett, a director at VAT consultancy Elman Wall Bennett, has again worked with the HBAA to update the paper to incorporate HMRC’s current position and the implications of Brexit.

Leigh Cowlishaw, HBAA chairman, said: “Our members continue to look to the HBAA to be able to provide them with up to date expertise and relevant market leading information. 

“We are delighted that David has again delivered the 2016 HBAA TOMS paper, with the added important topic of post EU referendum. This, coupled with the continued support provided by the HBAA Code of Practice, ensures that our members have business guidance to support the tri part relationships between customers, agencies and venues”.

The vote to leave the EU has thrown into doubt the UK’s membership of the EU’s Customs Union, which governs tariff-free trade within the single market. If the UK were to leave the Customs Union, the current rules around VAT and TOMS would also be in doubt.

The HBAA is also running two workshop sessions for members in conjunction with Bennett to ensure that members are equipped with the knowledge to support their business decisions and future planning.

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