Another interesting Tour Operators Margin Scheme (TOMS) case, relating to the fact that taxpayers can choose to keep wholesale supplies outside or within TOMS.The appellant accounted for its supplies within TOMS, but later filed an error correction notice (ECN) to reverse that position when it realised it would be better off accounting for the supplies under normal accounting.HMRC rejected the ECN on the basis that there had been no error made by the appellant in its VAT returns. The appellant had chosen to use TOMS.The Tribunal agreed that no error was made and dismissed the appeal.
Source: deeksvat.co.uk
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