What Is Covered On The Day?
VAT Treatment of Goods
– Principles of the VAT System
– Understanding how the Irish VAT System works
– Taxable Persons and Accountable Persons – who is obliged to register for VAT?
– VAT Registration – new two-tier system!
– Group Registration – what this means and how it may be of benefit to you
– Distance Sales – the hidden problems and how they may affect Irish businesses
– VAT Returns and Payments – warehousing VAT debts due to Covid-19
– Annual VAT Returns – the advantages and disadvantages of opting to make an annual VAT return
– Supplies of Goods and Services – the different rules which apply to the supply of goods and the supply of services, and why these rules are very important
– VAT Invoices and Credit Notes – essential information for all businesses
– Deductible and Non Deductible VAT – costs on which VAT may or may not be reclaimed and the most common errors
– The rules for reclaiming foreign VAT incurred
– The “Two Thirds Rule” explained
– Electronic Data Interchange (EDI) – electronic invoicing
– VAT Rates – how to determine the correct rate of VAT to charge or be charged.
– Imports and Exports of Goods – the rules explained
– Intra-Community acquisition of Goods and Triangulation – how they differ from imports and the rules explained
– Intra-Community supply of Goods – how they differ from exports and the rules explained
– Supply and Install Contracts – the hidden problems and what you need to know
– Section 56 Relief – how it operates and the difference between this relief and being VAT exempt
– VIES and Intrastat Returns – when these are due and how to complete them