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- Dictionarytom/tɒm/
noun
- 1. the male of various animals, especially a domestic cat.
- 2. a female prostitute. informal British
verb
- 1. work as a prostitute: informal British "Roscoe is tomming around now"
- 2. (of a black person) behave in an excessively obedient or servile way: informal, derogatory US "it was insulting to hold out my hand and have a clerk bang the money down—I'd tommed again"
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Hi, We're TOMS. Shop TOMS’ shoes online and find the perfect balance of comfort and style. Explore our wide range of new shoe styles for men, women, and children. Whether you're searching for men's slip-ons, trainers, smart shoes, boots or slippers, TOMS has something for everyone.
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As the Original One for One Company, we’ve always been in...
- Our Story
As the Original One for One Company, we’ve always been in business to improve lives. Since 2006, our community has given nearly 100 million pairs of shoes to people in need.
- Overview
- Introductions to Toms
- Supplies to Businesses
- Special Rules
- Toms Calculations
- The Year-End Toms Calculation, Selling Price and Costs
- Types of In-House Supplies
- Market Value Calculation
- Cost-Based Calculation
This notice cancels and replaces Notice 709/5 (6 September 2019) and provides guidance about the Tour Operators Margin Scheme (TOMS) from 1 January 2021 and on the temporary 5% reduced rate of VAT that applies between 15 July 2020 and 31 March 2021.
2.1 TOMS
It’s a special scheme for businesses that buy in and resell travel, accommodation and certain other services as a principal or undisclosed agent (that is, acting in your own name). TOMS is a simplification measure in that it treats a bundle of supplies made to the same person as a single supply made in the UK. In most respects it continues the principles of the EU TOMS.
2.2 Who TOMS applies to
It covers anyone who is making the type of supplies detailed in paragraph 2.1, even if this is not your main business activity, or you do not view yourself as a ‘traditional’ tour operator. For example a: 1. hotelier who buys in coach passenger transport to collect its guests at the start and end of their stay 2. coach operator who buys in hotel accommodation in order to put together a package 3. company that arranges conferences, including providing hotel accommodation for delegates
2.3 Who must use TOMS
You’re acting as a tour operator and must account for VAT using TOMS if you’re an undisclosed agent (that is, acting in your own name) or a principal (see Travel agents (VAT Notice 709/6)) in making either: 1. Margin Schemesupplies 2. other types of supply (for example an in-house supply) packaged or supplied with Margin Scheme supplies (see paragraphs 2.9 and 2.11)
3.1 Making supplies to business customers
Whether your supplies to business customers must be accounted for under TOMSwill depend on whether your supplies are to be resold or consumed by that business customer. If your supplies are to business customers which are for subsequent resale (wholesale supplies), these supplies do not fall within TOMS — see paragraph 3.2. If your supplies are for consumption by those customers, these supplies fall within TOMS provided they meet the definition of Margin Scheme supplies.
3.2 Wholesale supplies
We do not consider that these supplies fall within TOMS and should be accounted for under normal VAT rules. However, businesses may choose to include them in TOMSif they wish. Your supply is outside the scope of TOMSif the place of your supply is a country outside the UK. Normal place of supply rules for the major travel supplies are for: 1. passenger transport, where it takes place 2. accommodation, where it is situated 3. live entertainment, where it is physically performed Further guidance...
3.3 Excluding supplies to business customers for their own consumption
You cannot exclude supplies which are consumed by a business or its employees, they fall within the scope of TOMSand must be accounted for using the scheme. This means that businesses will not be entitled to receive a VAT invoice for supplies made to them using TOMS — see paragraph 4.20for further details on invoicing requirements.
4.1 What taxable turnover is for VAT registration or de-registration purposes
If you’re considering whether you must register for VAT, or whether you may de-register, your taxable turnover is regarded as the total of: 1. total margin on your taxable (including zero-rated) Margin Scheme supplies, for example your supply of arranging the Margin Scheme supplies 2. full value of: 2.1. taxable (including zero-rated) in-house supplies 2.2. taxable agency commission 2.3. any other taxable (including zero-rated) supplies you make in the UK
4.2 Making TOMS supplies from within a VAT group
You can make TOMSsupplies from within a VAT group unless any other member of the group has an overseas establishment: 1. that makes supplies outside the UK which would be taxable (including zero-rated) supplies if made in the UK 2. which supply goods or services that will become, or are intended to become, Margin Scheme supplies
4.3 VAT you can reclaim on purchases
You may reclaim (outside TOMS) UK VAT incurred on your overheads and on purchases relating to your in-house supplies, subject to the normal rules see VAT guide (VAT Notice 700)
5.1 The year-end calculation
The year-end calculation will: 1. work out the total margin achieved 2. apportion the total margin between different types of supplies, that is, Margin Scheme, in-house, agency 3. apportion the total margin between supplies with different VAT liabilities 4. work out the output tax due 5. work out net values for the supplies
5.2 How the year-end calculation works
There are now 2 TOMSaccounting methods, the: 1. market value calculation 2. cost-based calculation
5.3 The market value method
You should, in principle, use the market value method where you can establish a market value for in-house supply. But if you’re satisfied that the cost-based method is an accurate reflection of the structure of any package, that is, you achieve the same percentage mark-up on all components, you may use the cost-based method instead.
6.1 How to work out the selling price of your TOMS supplies
The first step is to add up the selling prices of your supplies with tax points (see paragraph 4.13) during the financial year. The selling price should include: 1. the total VAT-inclusive selling price of all your Margin Scheme supplies 2. the total VAT-inclusive selling price of any in-house supplies which you have supplied together with Margin Scheme supplies 3. amounts received relating to any supplies, packaged with Margin Scheme supplies which you arrange as an agent, if your commission...
6.2 How to work out the market value of your Margin Scheme supplies
The market value method is used to apportion the selling price of your package in order to determine the selling price of your Margin Scheme supplies. There is no set way to calculate a market value for your in-house supplies but there are some general principles that must be considered: 1. the market value must reflect the reality of your business, use of third party comparators must truly reflect your business model 2. market values may be averaged across a range of packages but must be pro...
6.3 How to work out the purchase price of your Margin Scheme supplies
The first step is to add up the total VAT-inclusive purchase prices of the goods and services that you have bought in for resale as Margin Scheme supplies. You must only include purchases that relate to the supplies that are included at step 1 of the year-end TOMS calculation, see paragraph 6.1for that financial year. The cost must: 1. take into account any discounts or price reductions received from your supplier, even if they’re received at a later date 2. include any Air Passenger Duty pay...
7.1 In-house supplies of coach or rail transport
An in-house supply is one made from your own resources or one where what has been purchased has been materially altered when it is supplied on. You make an in-house supply of coach or rail passenger transport if you (or a member of your VAT group) own or hire a coach or train, provide a driver, fuel, road licences, repairs, and so on. This is because you have put together these separate components, which become passenger transport. This passenger transport has not been acquired and resupplied...
7.2 In-house supplies of air transport
It’s possible to make in-house supplies of air transport if you make supplies using aircraft owned by you or a member of your VAT group. Also, if you charter an entire aircraft for a whole season, for example slot 1 every Wednesday for May to October inclusive, and put your own catering facilities on board or buy them in from a separate source, and buy in transport journeys from a separate source, then your supply of passenger transport will be in-house and not Margin Scheme.
7.3 In-house supplies of cruises
You can make in-house supplies of cruises if you, or a member of your VAT group, own the vessel on which the cruise is supplied. Also, if you charter a vessel from the owner for a period of 2 years or more, whether only with deck or engine crew or with both deck or engine crew and ‘hotel’ domestic or catering staff, the vessel need not be in service continuously throughout the period, but the owner must not have the right to use the vessel to make supplies to any other customer, during the ch...
This section has force of law. Only use this section if you have packages or parts of packages being apportioned by the market value of the in-house element of the package. On completion of all the steps M1-M5 you must then follow the steps in the cost-based calculation in section 9, taking forward the figures from this section as instructed.
This section has force of law. This section applies to packages being apportioned by reference to the costs of the in-house element of the package, and imports the figures calculated by the market value method in section 8, where that method is used for all or some of the travel packages. Do not include values already entered in section 8unless exp...
Toms (stylized as TOMS) is a for-profit company [3] [4] [5] based in Los Angeles, California. [6] Founded in 2006 by Blake Mycoskie, an entrepreneur from Arlington, Texas, [7] [8] [9] the company designs and markets shoes as well as eyewear, coffee, apparel and handbags.
Dec 14, 2023 · The Tour Operators Margin Scheme (TOMS) is a unique VAT accounting mechanism designed for certain businesses operating within the travel industry. Its primary goal is to simplify the VAT process for tour operators by standardising the treatment of VAT on certain supplies and services.
Sep 20, 2022 · What do the Social Value Model and the National TOMs do? The first, main thing to know is that they do very similar things. Both frameworks help public sector procurers incorporate social value requirements into their procurement processes.
Originally created in the 1990s by Pamela Enderby and Alexandra John, TOMs is a simple cross-disciplinary and cross-client group method to gather information on a wide range of issues associated with therapy and rehabilitation.
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