In Ireland, VAT remains a complex area that businesses of all sizes sometimes struggle with. To elevate this pressure on businesses, Farrell Accounting offers expert VAT returns accountancy services.
VAT is complex because there are few universal VAT rules and regulations. There are VAT specific rules per industry, and these rules frequently change and evolve. This is not to mention the effect Brexit has had on VAT and the continued uncertainty of trading goods in Great Britain and Northern Ireland.
Farrell Accounting’s VAT return accountants are committed to helping businesses streamline and manage their VAT returns. We prioritise a personal service and can advise an individual when they need to register their business for VAT and advise on day to day VAT returns management.
Handling VAT returns internally can be a difficult and time-intensive task that can distract business owners and employees from concentrating on other important activities.
If VAT returns are filled incorrectly a business may find itself faced with liability. In certain cases, the business may also be faced with paying interest and penalties. A VAT returns accountant helps make sure VAT returns are filed and submitted correctly.
VAT rates vary by industry and a business must be paying the correct amount of VAT. Our VAT accountants make sure that a business is paying the appropriate amount of VAT.
What VAT category does my business fail into?
There are different VAT thresholds for businesses within different sectors. These different sectors include:
- Supplying Goods
- Service Only Business
- Supply both Goods and Services
- Buying from the European Union
- Making May-order or distance sales into the state
Our expert VAT return accountants analyse your business and recommend which VAT threshold your business falls into.
What does postponed VAT accounting mean?
This is a provision created by the Irish government to deal with Brexit. Postponed VAT means that a business can postpone the payment of VAT at the point of entry. This applies to goods from England, Scotland and Wales. Northern Ireland is operating on a separate VAT system.