What is VAT.

VAT is a form of consumption tax – that is a tax applied to purchases of goods or services and other ‘taxable supplies’.

“Irish VAT is sometimes referred to as CBL (Cáin Bhreisluacha), being the Irish Gaelic translation. As at 1 January 2015 the standard rate of Irish VAT is 23%, but reduced rates of 13.5%, 9%, 5% or 4.8% may apply to some supplies. The legislation governing the VAT rating of goods and services is contained in the Value-Added Tax Consolidation Act 2010.”

VAT is a Business Tax

It is managed by Revenue (Irish Tax and Customs) on behalf of the government of ROI.

Vat Support

Revenue Overview

“You usually submit a VAT Return to Revenue (Irish Tax and Customs) every 3 months. This period of time is known as your ‘accounting period.’

The VAT Return records things for the accounting period like:

• • your total sales and purchases
• • the amount of VAT you owe
• • the amount of VAT you can reclaim
• • what your VAT refund from Revenue is

You must submit a VAT Return even if you have no VAT to pay or reclaim.

Revenue will even send you email reminders to assist you in keeping up to date with your VAT administration.

Make VAT simple get Stan Williams and Associates Ltd. to do it for you!

Here at Stan Williams and Associates Ltd. we can assist you with all the advice and support you need. We regularly reference Revenue’s information website sources with wealth of guidance and support on all aspects of the VAT System.

These systems cover a wide range areas where VAT is applicable.

Accounting for VAT

• • VAT record keeping
• • VAT Annual Accounting Scheme
• • VAT Cash Accounting Scheme
• • VAT Flat Rate Scheme
• • VAT margin schemes
• • VAT retail schemes
• • Exchange rates
• • VAT returns
• • How to pay VAT
• • Reclaiming VAT
• • Charging VAT
• • Importing and Exporting goods and services
• • Overseas businesses and UK VAT
• • Rules for particular trades
• • VAT notices and notifications

Common Questions about VAT

• What is the VAT rate in 2019?

• How much is VAT in the ROI?

• What is VAT charge?

o Vat rate (January 2019) is charged at 23%, 13.5%, 9%, 4.8% AND 0% in the ROI depends on goods and services you provide.

• How do I calculate VAT?

o There are many online calculators to help you find the VAT value to add to a product or service.

• How much do I have to earn to pay VAT?

o At present as a business you

• Do I have to pay VAT?

• Who pays value added tax?

o The seller of goods and services charges VAT to the buyer, and the seller pays this VAT to the government.

• Does plus VAT mean including VAT?

o When advertising the price of a product or service some businesses may give the price without VAT, then indicate that VAT needs to be added to the price for the final sum, hence the statement plus VAT.

o Value Added Tax is the tax you have to pay whenever you buy products. It is levied on most business transactions and goods from certain services. However, VAT is not included on all products, some are excluded from VAT, such as food, clothes, newspapers and magazines.

o Exempt : There is no VAT on financial, medical or educational services. You should also not pay VAT for live theatrical and musical performances (except those where food or drink is served during all or part of the performance)

Vat covers a large area of business activities and must be managed responsible.

This why we are here to carry out the VAT task for You.

VAT Services

• • Preparation of quarterly VAT returns
• • Quarterly partial exemption calculations (including annual summary)
• • VAT health check