VAT is an acronym for Value Added Tax. VAT is a tax on exchanges. It is also an indirect tax. Vat in Ireland is at 23% but in certain circumstances can be at 13.5%, 9%, 4.8%, 0% or exempt from VAT.
There are 2 different types of VAT forms:
- VAT3 is a Vat payable return submitted electronically online (bi-monthly or quarterly).
- VAT RTD is a return of trading form submitted annually.
We can provide a service whereby we assist you to calculate your VAT returns to Revenue.
VAT on property
From 1st July 2008, the VAT chargeable on property transactions has been completely revised. If you have a property transaction, you need to consult us to see if VAT is applicable, to see how it applies and what VAT obligations you may have.
A word of caution
You need to maintain a complete file of all costs, dates and legal agreements (whether verbal or not) and the type of persons who have dealt with the property. All this is needed to evaluate the VAT liability, if any.