VAT, Consultancy, Computation & Returns
From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. The manufacturer remits to the Government the difference between these two amounts, and retains the rest for themselves to offset the taxes they had previously paid on the inputs.
The value added to a product by or with a business is the sale price charged to its customer, minus the cost of materials and other taxable inputs. A VAT is like a sales tax in that ultimately only the end consumer is taxed. It differs from the sales tax in that, with the latter, the tax is collected and remitted to the government only once, at the point of purchase by the end consumer. With VAT, collections, remittances to the government, and credits for taxes already paid occur each time a business in the supply chain purchases products
Am I Liable for VAT?
You must register for Value Added Tax (VAT) if your annual turnover is more than or is likely to be more than €75,000 for supply of goods or €37,500 for supply of services. You as a trader pay VAT on goods and services acquired for the business and charge VAT on goods and services supplied by the business. The difference between the VAT charged by you and the VAT you were charged must be paid to the Collector-General. If the amount of VAT paid by you exceeds the VAT charged by you, the Collector-General will repay the excess. This ensures that VAT is paid by the end user and not by the business
How Do I Pay VAT.
If you are registered for VAT you must make a return by the due date/s, normally, VAT returns are made every 2 months, however, since January 2012 there are special arrangements for small businesses who can pay at less frequent intervals. Talk to us for more information
Information correct at time of publication, please see budget section for any changes to the above information or contact us, thank you
The value added to a product by or with a business is the sale price charged to its customer, minus the cost of materials and other taxable inputs. A VAT is like a sales tax in that ultimately only the end consumer is taxed. It differs from the sales tax in that, with the latter, the tax is collected and remitted to the government only once, at the point of purchase by the end consumer. With VAT, collections, remittances to the government, and credits for taxes already paid occur each time a business in the supply chain purchases products
Am I Liable for VAT?
You must register for Value Added Tax (VAT) if your annual turnover is more than or is likely to be more than €75,000 for supply of goods or €37,500 for supply of services. You as a trader pay VAT on goods and services acquired for the business and charge VAT on goods and services supplied by the business. The difference between the VAT charged by you and the VAT you were charged must be paid to the Collector-General. If the amount of VAT paid by you exceeds the VAT charged by you, the Collector-General will repay the excess. This ensures that VAT is paid by the end user and not by the business
How Do I Pay VAT.
If you are registered for VAT you must make a return by the due date/s, normally, VAT returns are made every 2 months, however, since January 2012 there are special arrangements for small businesses who can pay at less frequent intervals. Talk to us for more information
Information correct at time of publication, please see budget section for any changes to the above information or contact us, thank you