1. 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

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. VAT Returns – Form VAT3 Value Added Tax
Liable to penalty of €4,000 for failing to submit VAT returns
Interest charged at % 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

9. 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

10. 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