The rates applicable for VAT are:
- Standard Rate of VAT is 21% from 1st January 2010. (21.5% prior to 1st December 2009)
- Low Rate of VAT is 13.5%.
- Zero Rate of VAT.
VAT Registration and Cash Accounting Threshold
There are VAT registration thresholds for small businesses.
The annual VAT cash accounting threshold for small firms is €1,000,000.
If you require more information please consult your tax advisor or email us at tax@fixmytax.com.
Less Frequent VAT Returns for Small Businesses
The frequency of VAT payments, currently six per year, for smaller businesses has been reduced with effect from July 2007. For businesses with a yearly liability of €3,000 or less, the option of filing returns on a half-yearly basis will be available.
For businesses with a yearly liability between €3,001 and €14,400, the option of filing returns every four months will be available. This will reduce compliance costs for the firms in question.
VAT Relief for Conferences
A specific measure to allow the deductibility of VAT on conference-related accommodation expenses has been available since 2007.
VAT on services provided in another Member State of the European Union.
From first 1st January 2010, international traded services within the European Union are taxable at the rate prevailing in the country where they are provided. Systems have been put in place to all returns to be made and credited via the VIES/INTRASTAT system.
No Loss of revenue provisions
We would like to remind you that The Revenue Commissioners no longer accept any excuses for VAT not being charged on the provision of vatable goods or services, regardless of the VAT status of the customer to whom they have been provided.
In this regard, particular attention should be paid to inter-group company charges, in the absence of a VAT group registration. In any instances, where there has been a failure to charge VAT, the taxable person responsible will be held liable for any VAT chargeable from the date on which it was chargeable. It should be noted that this type of situation would also give rise to the imposition of interest and penalties by the Revenue.
Currency Denomination on VAT Documents
VAT registered entities are obliged to show the amount chargeable on any invoices, credit notes etc. issued by them in the denomination of the currency of the state. The appropriate symbol pertaining to the denomination being used should also be shown.
VAT Refunds
Clients should note that the repayment of any VAT refunds due to them will be delayed until such time as they have provided the following information to that office: -
a) Name and address of Bank/Building Society.
b) The branch sort code of the Bank or Building Society.
c) Details of the Bank/Building Society account number.
N.B.This summary should not be treated as advice or a recommendation. For your particular situation, please consult us, privately, or your own professional advisor for specific in depth advice.
Farming
Farmers current receive VAT on everythign they sell.
The are not obliged to register and, if they are not registered can make a special claim for VAT refunds in respect of building work.
If farmers register for VAT they receive the same treatment as other VAT registered parties.
VAT Deadlines
Bi-Monthly VAT Returns by the 19th of the month following each taxable bi-monthly period (extended to the 23rd of the month for returns made online using ROS)
Return of Trading Details (Form VAT3 G(A)) due by 19th of the month
following your VAT accounting year end
If you require more information please consult your tax advisor or email us at tax@fixmytax.com.
