Needless to say, late VAT registration, errors, late VAT returns and late VAT payments can all lead to penalties and possibly interest being charged. So 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.
Do I need to register for VAT?
If you're just starting out, we can help you decide whether you need to be VAT registered from the outset or not. As well, we will continue to monitor your situation, so that should it become obligatory for you to register for VAT, we can deal with all of the paperwork for you. We will also let you know if we think you are able to and would benefit from deregistering.
Whether a new or existing business, we will also look at the VAT schemes you are eligible for and establish whether you would be better off adopting one or a mixture of them. Some VAT schemes can lead to tax savings and a reduction in bookkeeping responsibilities.
We Can Help
Your local TaxAssist Accountant can prepare your VAT return; either from your own bookkeeping records or we can take care of your record keeping and the VAT return. And we will try to ensure that you claim as much VAT as possible; particularly on contentious items such as mixed-use expenditure and motor running costs.
As with other areas of tax, we can act as your Agent for VAT purposes and therefore correspond with Revenue on your behalf. Paper VAT returns are pretty scarce now but our software also allows us to file your VAT returns online with Revenue.
OSS / IOSS Returns
From 01 July 2021 there are new VAT on ecommerce rules for businesses supplying goods and services to private customers in the EU and/or importing goods from outside the EU.
One Stop Shop (OSS) Returns
If a business is providing distance sales of goods (supplies of goods to a private customer based in another EU country where the supplier is responsible for the delivery) in excess of €10,000 per annum then rather than register for and charge local VAT in every EU country where they make these supplies, they can instead register in just one EU country and report the VAT due on these sales.
OSS returns are required once a quarter and must be filed in addition to your domestic Irish VAT returns once you are registered.
Import One Stop Shop (IOSS) Returns
VAT is now be due on all goods imported into the EU regardless of value. Prior to 01 July 2021 there had been relief for low-value goods worth less than €22.
The IOSS will allow businesses to report VAT on distance sales of low value goods imported from outside of the EU. Low-value goods are goods imported in consignments that do not exceed an intrinsic value of €150.
VAT on these sales must then be declared on a monthly IOSS return.
Your local TaxAssist Accountant can advise you on how to register for these schemes and assist you with preparing the returns and filing them on time with Revenue.
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