VAT Mini One Stop Shop

Changes to VAT rules for electronic services from January 2015, introduction of VAT mini one stop shop New EU VAT rules are coming into effect which will further complicate already complicated things for providers of electronic services.  The VAT Mini One Stop Shop Rules for electronic services are commencing in January 2015. The new rules…

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What are taxable sales or supplies for VAT?

One of the conditions for a business to register for VAT is that it must be making taxable supplies of goods or services. This is generally straightforward as MOST goods and services are taxable supplies.  Here we will address a confusion that often arises: VAT exempt supplies versus zero rated supplies. But what is a…

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So what’s REALLY in Budget 2013 for small business

It was refreshing to finally hear the Minister for Finance focus on Small & Medium Enterprises (SMEs) in Budget 2013.  For too long, in my opinion, the emphasis of successive administrations has been on foreign multinationals and exporting indigenous businesses.  While that sector should be nurtured it shouldn’t be done at the expense of the nuts and bolts of…

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Business entertainment expenses – can I get a tax deduction for that?

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entertainmImage courtesy of Ambro FreeDigitalPhotos.net Business entertainment expenses extend beyond the staff party: there’s client entertainment to consider    I want to thank my best customers for their continued loyalty by inviting them out for drinks.  Is this a tax deductible expense? In a word, no, it’s not.  Expenditure on client entertainment is specifically disallowed from calculating taxable profits…

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Help!!! I can’t pay my taxes!

Many businesses are finding it difficult to make ends meet and pay their creditors when they fall due. Arguably, one of the most feared creditors of businesses is Revenue. Why? Substantial interest, penalties, surcharges and potential fines and prosecution if you get it wrong. In extreme cases Revenue can place an “attachment order” on your…

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Changing from a soletrade to a limited company

Changing from a soletrade to a limited company Many people start out in business as a soletrader and once the business is off the ground “graduate” to a limited company. There are various reasons for changing from a soletrade to limited company, some real, some perceived: To avail of lower tax rates Protection of limited…

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VAT basics – a beginner’s guide

Rule number #1: you can’t add VAT to your invoices unless you are registered for VAT – ever! Rule number #2: you can’t claim VAT on purchases unless you are registered for VAT – ever! Do I need to register? If you are selling taxable goods you must register if your total sales (turnover) for…

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Exploring exports – VAT basics

VAT is a funny old tax. Whether it is charged and who pays it depends on different things, such as whether you are supplying goods or services, the VAT status of the customer, the location of the customer and the supplier, is it a service connected to a building. The place of supply dictates which…

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VAT for start-up business

Joe sets up a business in January. The business is selling widgets to consumers. None of his sales are to businesses. In January he forecasts his annual turnover to be €35,000. He is not required to register for VAT so decides not to. Joe spends €10,000 plus VAT of €2,100 on new equipment. The cost…

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New VAT rules for scrap metal industry

Revenue has confirmed that new VAT rules are to apply to supplies of scrap metal from 1 May 2011. The new rules will effect: VAT registered scrap metal dealers who buy scrap metal from VAT registered businesses in Ireland; and VAT registered businesses that supply scrap metal to scrap metal dealers in Ireland. The “reverse…

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