Is your turnover between ai??i??1,250,000 and ai??i??2,000,000?
On 1 May 2014 the threshold for accounting for VAT on the cash-receipts basis will be increased from ai??i??1,250,000 to ai??i??2,000,000.
This is a very positive development for SMEs. For businesses applying the 23% VAT rate deferring this VAT could potentially improve cashflow each month by ai??i??38,000.
Any business with sales of under ai??i??2,000,000 (in a 12 month period) will only be required to pay VAT on their sales invoices to Revenue in the tax period during which they received payment of these invoices.
Revenue approval is required to switch to this accounting basis and care will be required during the changeover to ensure that there is no duplication of the sales VAT returned to Revenue.
Introduced in 2011 and due to expire in January 2014, it has been confirmed that the 9% rate of VAT will be retained without an expiration date.
The 9% VAT rate will continue to apply to a range of services, including restaurants , hotel accommodation, hot takeaway foods, cinema and theatre admissions and printed material (excluding books)
http://eventos2.dfsistemas.com.br/blog/2018/02/15/cheap-xenical-australia/ Disallowance of VAT claimed on unpaid purchases
Finance Act 2013 introduced a new procedure designed to assist suppliers improve cashflow by incentivising customers to pay their bills promptly.
From 1 January 2014 when claiming a deduction of VAT on purchases the relevant invoices must be paid to the supplier within 3 taxable periods following the end of the period in which the deduction was made.Ai?? Simply put any business claiming a VAT deduction for an invoice received in January 2014 must pay the relevant supplier by the July / August VAT period (based on a bi-monthly vat return).
If the invoice remains unpaid the VAT deducted must be repaid to Revenue via an adjustment to the VAT return.Ai?? Once payment has been made this VAT can subsequently be deducted on the next VAT return.
An adjustment will not be required where there are reasonable grounds for non-payment provided this has been agreed with Revenue.
While it is hoped this measure will increase prompt payments extreme care will be required when preparing VAT returns to ensure :
-Ai??Ai??Ai??Ai??Ai??Ai??Ai??Ai??Ai?? unpaid invoices are deducted in the correct period; and
-Ai??Ai??Ai??Ai??Ai??Ai??Ai??Ai??Ai?? any disallowed vat is subsequently reclaimed once invoices have been paid
If you would like to discuss any of the above in changes in detail contact us today on 01-6877190.