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%..

PROPERTY TRANSACTIONS

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).