Need help with your Irish VAT Returns?
Submitting VAT returns is an important part of doing business in Ireland. However, costly errors such as late returns and/or payments can lead to penalties and interest being charged.
Greavy & Co can help you understand what your VAT liabilities are and can ensure your business is fully compliant by preparing and filing your VAT Returns with Revenue on your behalf.
We will endeavour to minimise your liabilities to the fullest extent possible.
Covid 19 VAT Deferral
The Government has introduced a VAT deferral scheme to enable businesses to weather the harsh trading conditions imposed on them by the Covid 19 pandemic.
We have summarised the key points of what this means in this article: Covid 19 Tax Measures
If you have any concerns or feel that your business is not benefiting from an efficient VAT strategy then please contact us. We can help assess your current situation and act as agents on your behalf with the Revenue Commissioners.
Registering for VAT
If your business is still in the start-up phase you may not need to register for VAT straight away. Greavy & Co can help you determine when you will be required to register and assist you with the process.
Equally, on the flip side, we can help advise you if your business should take the step of deregistering for VAT.
Online Filing Deadlines
For most businesses, a VAT taxable period is every 2 months beginning on the 1st of January each year.
Your VAT Return must be filed and paid at the very latest by the 23rd day of the month following the end of each taxable period. So, for example, for the taxable period January-February 2021 your file and pay deadline is the 23rd March 2021.
Interest and penalties may be applied if you do not pay and file on time or if you have made any errors in your filing.
Some businesses may qualify for a reduced filing frequency if their annual VAT payments follow below a certain range. Typically the Revenue Commissioners will notify you automatically should your business fall within this range.
Since June 2012 all VAT registered businesses in Ireland must file their VAT Returns via the Revenue Online Service.
If you have any concerns over when you should be filing your VAT Returns then please contact us.
Return of Trading Details (RTD)
A Return of Trading Details form (RTD) breaks down your business’s purchases and sales for the year. Each transaction must be broken down by the relevant VAT rate.
You must complete an RTD form for your business annually.
RTD is best managed as part of your monthly bookkeeping processes.
VIES Returns
VIES Returns must be filed by any business in Ireland that sells goods or services to customers in any other EU member state.
If your EU customers are VAT registered you can zero rate the VAT charged.
Your VIES Return must be submitted via the Revenue Online System (ROS). The purpose of the VIES is to allow each member state to ensure that the correct rate of VAT is being applied.
VIES returns are normally filed on either a monthly or quarterly or basis.
VIES returns are due by the 23rd day of the month following the relevant taxable period.
We can advise you on your VIES filing obligations and whether you are required to file quarterly or monthly returns.
VAT Deductions
VAT on purchases for your business can be offset against any VAT payable on sales.
Any excess VAT (purchases > sales) will be refunded after you submit your VAT return.
The Revenue Commissioners may request that you provide documentation to support your claim of VAT on purchases.
Not all business purchases qualify as VAT deductible. For example:
- VAT on food, drink, accommodation, or entertainment expenses
- Some motor vehicles and motor vehicle costs