Small & medium sized businesses.
We specialize in preparing yearly accounts for the self-employed usually for the purposes of completing income Tax Form 11.
Monthly management accounts can also be prepared.
We are also authorised to audit accounts in Ireland.
VAT RETURNS, VAT3 FORMS, VAT REFUNDS
As part of our range of compliance services to clients we can be engaged to prepare a range of vat returns including vat3’s and also annual returns.
We also provide advice on a range of vat problems including refunds in respect of purchase of commercial motor vehicles.
REGISTRATION A person supplying taxable goods or services must register for vat as soon as it becomes clear that they exceed or will likely exceed the relevant registration limit.
€37,500 for services
€75,000 for goods
Remember some goods or services are exempt vat….meaning there may be no registration requirement.
RATES There are two main rates 13.5% and 23%..
New rules were introduced on 1 July 2008.
The first supply of newly developed property is taxable for a period of five years from completion.
Lettings are generally exempt but where the letting is between unconnected parties there is an option to tax the rents.
There is a capital goods scheme which ensures that the amount of VAT deductible on acquisition or development will correspond with the use of the property over 20 years. (10 years for refurbishment).