An accountancy practice specialising in the Tour Operators Margin Scheme (TOMS) has been sold.
The business established by independent tax consultant Martin Pooley in 1992 has been acquired by top 15 accountancy firm MHA MacIntyre Hudson.
TOMS is the complex VAT calculation enabling operators to calculate how much VAT they need to pay to HMRC on holidays sold in the EU.
Applied correctly, TOMS means that operators do not have to register for VAT in every country where they offer holidays.
Norwich-based Pooley has advised more than 500 operators across the UK.
The TOMS offering will be now headed by Sue Rathmell, VAT director at MHA MacIntyre Hudson, based in Kent, and the firm’s national head of travel, Rajeev Shaunak, based in London.
Pooley said: “Building a practice around TOMS has been an interesting and enjoyable experience and I am very grateful to my many loyal clients over the years.
“I am confident that MHA, a well-respected national firm, have the expertise to step into my shoes and carry on this important work.
“TOMS remains poorly understood, mainly because applying it properly requires considerable expertise both in VAT consulting and accountancy. You are unlikely to find anyone with extensive knowledge of the scheme at your regular accountant or at HMRC.”
Rathmell added: “I have known Martin for many years and he is a very highly-respected expert in the travel sector, widely known for his prolific knowledge of the complex TOMS system.
“We are looking forward to working with Martin, getting to know his clients and further enhancing our offering to travel agents and tour operators.”