I think I can say with some confidence that 2020 has not been the best year for the travel industry (or, indeed, perhaps anyone!?). Though many are sadly looking at very few sales this year, we always want to ensure that businesses are in the best VAT position, and one way in which we have seen businesses receive some fairly sizeable VAT refunds this year is through TOMS reviews, which often result in a VAT repayment.
TOMS is an area that can be complicated, and this can lead to errors with calculations, especially where the calculation hasn't been looked at for some time. I have found that the majority of these errors are overpayments of VAT, perhaps because businesses are over-cautious with such a complex area or simply not aware of how some savings may be made within the TOMS calculation. This is pretty understandable - it does feel like a minefield sometimes, with very little guidance available! I know I talk a lot about the importance of getting VAT right and optimising it - a TOMS review is quite a straightforward and cost effective way of checking whether you have overpaid and, if so, is the first step to quantifying a refund and getting it paid back.