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Individuals with combined gross income from sole trades or property over £50,000 must now keep digital accounting records and submit quarterly updates to HMRC. 

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Simplifying UK VAT: is the Tour Operators Margin Scheme fit for purpose?

  • Article
  • 09 Oct 2026
  • ICAEW
The UK’s Tour Operators Margin Scheme (TOMS) was designed as a simplification measure. However, the UK’s exit from the European Union (EU), evolving business models and recent court decisions have raised questions about whether the regime remains fit for purpose.
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