VAT, Income tax and Tax Compliance
Generally, VAT return calculation is based on the amount of VAT charged by you less the amount that you have paid on your purchases. It is normally due on the 19th of every odd month but can be changed with agreement. Most supply of goods is at 23% and most services are at a reduced rate of 13.5%. However supply certain goods, e.g. some food and books, are zero rated and others are VAT exempt, e.g. taxi hire and educational services. Note that VAT exempt businesses are not allowed to reclaim VAT paid on purchases. For further information visit: http://www.revenue.ie/en/tax/vat/guide/vat-rates.html .
Income Tax Returns are required by all self employed individuals or individuals who have income not included in their P60 (PAYE) return, e.g. rental or investment income. They are submitted annually and are due at the end of October each year. Basically, any income earn outside the PAYE system is liable for tax. There are various reductions in the amount due based on individual’s circumstances.
TAX compliance can be complicated and certain areas are open to interpretation. Incorrect treatment of costs or income can lead to understated returns being submitted. Equally as bad for the business owner, is over paying taxes through lack of knowledge or experience. Call us on for assistance with Tax Returns or other Revenue matters.
Call us today at to find out how, over the past 30 years, we have helped businesses like yours keep compliant and minimise taxes.
