Feb 16 2025 60 mins 1
In this episode, Alex and Pooh are joined by Paul and Laura of VATNAV, a VAT consultancy service that has additional expertise in the Tour Operators Margin Scheme (TOMS VAT). They cover the dangers of SA owners not dealing with VAT properly and how to get it right.
We confirm on 14 February’25 that Sonder have sought permission to appeal to the Court of Appeal. Assuming permission is granted, this means that the decision will not stop with the UTT loss but we have continued uncertainty until the CoA hearing and result. Businesses using TOMS or wanting to use TOMS in the intervening period should consider the options and risks carefully”
THE AIRBNB BLUEPRINT CONSULTANT - CONTACT US
https://airbnbblueprint.co.uk/join/
KEY TAKEAWAYS
- There is a lot of misinformation out there about TOMS VAT.
- There are VAT schemes that can benefit SA businesses. They are discussed during the episode.
- VAT is a tax on each transaction.
- Determine when you need to register your business for VAT.
BEST MOMENTS
“On Facebook groups, everybody presumes that everyone is running their business the same way.”
“VAT is a tax on each transaction … it is literally unique to each individual transaction.”
“Each sale and purchase you make has its own VAT treatment.”
“For a lot of businesses … it kind of wipes out their margin.”
“This lack of clarity is the thing that's concerned me the most.”
“If there's going to be a VAT clawback, it could just kind of wipe everybody out.”
EPISODE RESOURCES
https://www.vatnav.com
Over 16 years of experience VATNAV provides VAT consultancy services, and has additional expertise in the Tour Operators Margin Scheme (TOMS) rules, and other VAT issues affecting the travel industry.
VAT is important to get right for any business as it can often make a huge difference to profitability, cash flow and market value. To us, "optimising VAT" means firstly ensuring your VAT risks are minimised (i.e. that your VAT treatment and accounting is clear, accurate, and consistent). Secondly, ensuring that you are never paying any more VAT than necessary. VAT is rarely "black and white", the law is ever-changing and there are often multiple VAT options available - let us help you ensure yours is the most efficient for your business.
Contact Us at:
phone: 07971 642789
email: [email protected]
https://www.vatnav.com
LINKS
FREE Airbnb Blueprint Coaching Community - https://www.facebook.com/groups/2342454789487705
HOST BIOS
Alex & Pooh have built a portfolio of over 16 Serviced Accommodation Units and 10 Buy-To-Lets collectively over the last 5 years. -
This AirBnB Business has allowed each of them to create their own tailor-made ‘lifestyle by design.’
Pooh chose to escape the corporate life as an electrical engineer instead to spend his time at home with his young and growing family, and Alex likes to spend most of his time in sunny Spain enjoying his love for road cycling or even hiking in the Tramuntana mountain ranges.
