Is VAT Applicable on Cancellations and No-Shows?
Is VAT applicable on cancellations and no-shows? UK government put into effect a policy regarding VAT charges for non-refundable deposits of canceled or no-show bookings on 1st March 2019. This came as a surprise to many short-term rental managers, affecting their accounting and revenue-related calculations. But VAT and Tour Operators’ Margin Scheme (TOMS) complexities should …
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