Value-Added-Tax (VAT)
Outsource Your VAT Returns to Ensure You Stay Compliant
Accurately managing VAT returns is crucial for businesses in Ireland. The process can be intricate and time-consuming, demanding detailed attention and a solid grasp of tax regulations.
Many businesses find that appointing an accountant to do their VAT returns is a smart move. At TaxAssist our accountants offer specialised expertise and current knowledge of tax laws, ensuring precision and compliance.
Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. Allowing your TaxAssist Accountant to take care of your VAT affairs, not only gives you peace of mind, but it should also avoid you wasting your hard-earned cash on penalties and interest.
With professional support, businesses can concentrate on growth and operations, secure in the knowledge that their VAT responsibilities are expertly managed.
Our Expert VAT Return Services for Hassle-Free Compliance:
1. VAT Registration
We can assist with VAT registration and ensure your business is correctly registered with the appropriate VAT scheme.
2. Bookkeeping and record keeping
We can file your VAT returns using your own bookkeeping records or we can take care of your bookkeeping for you. We can maintain accurate and up-to-date records of all VAT-related transactions and organise and store VAT invoices, receipts, and relevant documents.
3. VAT Return Preparation
Your local TaxAssist Accountant can prepare your VAT returns. We can handle all your bi-monthly, quarterly, or annual VAT returns as applicable. We calculate Input VAT (VAT paid on purchases) and Output VAT (VAT charged on sales) and prepare and file VAT3 Returns accurately and on time. This ensures compliance with all current VAT regulations and rates.
4. VAT Audits and Inspections
As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with Revenue on your behalf. We can represent your business during VAT audits or inspections by the Revenue.
5. Error Correction
If you have filed VAT returns in the past that may not be accurate, we can help identify and correct any errors or discrepancies and file the amended returns if necessary.
6. VAT Advice and Planning
We work with our clients to provide strategic advice on VAT planning to optimise their tax efficiency and can advise on VAT implications of specific transactions or business changes. We look at the VAT schemes you are eligible for, and establish whether you would be better off adopting one. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
To find out more about your VAT obligations in Ireland you can refer to our guide: The Fundamentals of VAT: A guide for Irish Businesses
Reliable VAT Services Tailored to Your Needs
Rest easy knowing your VAT returns are meticulously prepared and submitted on time. Reach out to us today. Get in touch on 1800 98 76 09 or submit an enquiry online to book your free initial consultation.
Looking for help with your VAT obligations?
Contact TaxAssist Accountants for a free, no-obligation consultation to get a fixed fee quote
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Frequently Asked Questions
If a business's turnover exceeds €80,000 (for businesses supplying goods) or €40,000 (for businesses supplying services only) it must register for VAT.
Budget 2025 announced a change to the VAT thresholds. For those selling products the new cut off point is €85,000 and for those delivering services it is €42,500. The new thresholds come into effect from 01 January 2025.
A VAT Registration Number is mandatory for businesses exceeding the VAT threshold. It uniquely identifies a business for VAT purposes and must be included on all VAT invoices and returns. To obtain a VAT Registration Number, businesses need to apply through Revenue and provide necessary details about their operations.
You need to charge your customers a different rate of VAT depending on that you are selling. The standard rate of VAT is 23% but there are reduced rates for certain goods and services.
- Reduced Rate of 13.5% applies to certain goods and services and building services.
- Second Reduced Rate of 9% applies to items including newspapers, certain printed materials, and admissions to cinemas, theatres, and other cultural events. Also applies to electricity and gas.
- Super Reduced Rate of 4.8% applies specifically to the supply of livestock and greyhounds.
- Zero Rate applies to certain goods and services, such as most food items, children’s clothing and footwear, and certain medical supplies and services.
There are also certain services are exempt from VAT, such as financial, educational, and medical services.
A VAT invoice should include the following details:
- Date of issue
- Unique invoice number
- Supplier's name, address, and VAT registration number
- Customer's name and address
- Description of the goods or services supplied
- Total amount excluding VAT
- VAT rate applied and the total VAT amount
- Total amount including VAT
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Arrange a free consultation in person or via video with your local accountant. It’s an informal chat to get to know you and find out more about the help you are looking for.
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We clearly explain the support available to you and are happy to act as business advisors in order to help you grow your business.
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Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
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We specialise in supporting independent businesses and work with 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
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Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.