VAT or Value Added Tax is an indirect tax which is payable on sales of goods or services.
Businesses become obliged to register for VAT when they reach certain thresholds (based on turnover)..
There can be a tendency among certain business owners to underestimate the complexity involved in VAT, and they opt to complete and file their own VAT returns, often, in my experience to their detriment.
For this reason we will take care of calculating and submitting your VAT return to ensure primarily that everything is calculated correctly.
How it Works
The VAT Reporting Periods
In Ireland the standard VAT reporting period is bi-monthly. That translates into 6 VAT reporting periods in a financial year i.e. January/February, March/April, May/June, July/August, September/October, November/December.
As part of completing your regular book-keeping we will ensure that all your sales and supplier invoices have been processed in Xero, so that we are in a position to correctly calculate your VAT liability or refund at the end of the 2-month VAT reporting period.
We Deal with ROS!
We will advise you of the amount of VAT payable or refundable, and will submit the VAT 3 (VAT Return) to Revenue via ROS (Revenue Online Service) on your behalf.
Return of Trading Details
We will also take care of the end of year RTD (Return of Trading Details) form.
Good To Know!
Your VAT Return must be filed, and the liability paid by the 23rd day following the end of the VAT reporting period i.e. 23rd March for January/February, 23rd May for March/April etc.