VAT Invoices Value Added Tax A VAT registered person must issue a VAT invoice when supplying goods or services to another VAT registered person Must be issued within 15 days of end of month in which supply occurs or payment received (which ever is the earliest) If invoice does not issue it is deemed to issue Part-payments deemed to include VAT

Value Added Tax VAT Invoices must include: Name and address of trader issuing invoice Trader’s VAT number Name and address of customer Date of issue of invoice Date of supply of goods or services A full description of goods or services Unit price excluding VAT and any discounts Quantity of goods supplied Consideration excluding VAT VAT rate and amount of VAT

Simplified VAT Invoice Value Added Tax Simplified VAT Invoice Where invoice is not greater than €100 Must include: Date of issue of invoice Unique sequential invoice number Supplier details including VAT number Description of goods or services supplied Tax due or enough information to calculate tax

Value Added Tax VAT Returns – Form VAT3 Bi-monthly Returns Six return periods – January/February, March/April, May/June, July/August, September/October, November/December Reduced Number of Returns Trader with 12 month VAT liability under €3,000 will only be required to make two 6 month returns Trader with 12 month VAT liability between €3,001 and €14,000 will only be required to make three four monthly returns Only available when offered by Revenue

Value Added Tax VAT Returns – Form VAT3 Annual VAT Return By application to the Revenue Commissioners Granted when there is no loss to Revenue and trader satisfies obligations of scheme VAT return made for accounting period of VAT registered person Required to estimate liability and pay VAT monthly by direct debit If balance due when filing VAT return exceeds 20% of total liability Revenue may charge interest on balance outstanding from 6 months prior to due date

VAT Returns – Form VAT3 Value Added Tax Form VAT3 contains Box T1 – VAT on Sales (Output VAT) Box T2 – VAT on Purchases (Input VAT) Box T3 – VAT Payable Box T4 – VAT Repayable Box E1 – Total Value of Intra-EU Supplies of Goods Box E2 – Total Value of Intra-EU Acquisitions of Goods

VAT Returns – Form VAT3 Value Added Tax Due for filing by 19th day of month following end of VAT period Deadline extended to 23rd day for online filing All VAT returns now subject to mandatory e-filing so all VAT returns subject to extended deadline If VAT return is late, interest will be charged from 19th day of month

VAT Returns – Form VAT3 Value Added Tax Liable to penalty of €4,000 for failing to submit VAT returns Interest charged at 0.0274% per day Revenue can issue estimated VAT return when the trader has failed to submit a VAT return Trader can appeal against estimate or submit a correct VAT return

Annual Return of Trading Details Value Added Tax Annual Return of Trading Details More details on purchases and sales of 12 months of accounting period Contains Sales, Purchases for resale, Purchases not for resale, Purchases from other EU countries, Sales to other EU countries, all net of VAT Each amount broken down by applicable VAT rate

Maintaining Records Value Added Tax Records must be kept for 6 years, 20 years for property transactions Electronic storage of VAT invoices is permitted Trader required to maintain full and true records of all transactions which affect or may affect his liability to tax and entitlement to deductibility