Munster’s first independent VAT consultancy practice providing specialist VAT and Indirect tax advisory, assurance and interim management support services to owner managed businesses, small & medium enterprises, accountants and legal practices.
Contact Details
The VAT Practice,
The White House, Cloncorban, Rossmore, Clonakilty,
Co. Cork
Principal: Nicholas Ryan
Tel: +353 (0)23 8838181
Mob: +353 (0)83 3340324
Fax: +353 (0)23 8838181
Email : info@thevatpractice.ie
Revenue News: June 2011
Monday, June 20, 2011
by Nick Ryan
Revenue has released e-briefs covering the announcement of the new reduced rate of 9% together with briefs on the changes to RCT and the application of VAT for charitable donations via SMS. These can be found on the Revenue web site.
There are strong rumours appearing that Revenue are initiating investigations into the Holiday Cottage schemed undertaken over the last 10 to 12 years. Feelings here are that there is VAT to be had from both the investors and the management companies. See my article in Issue 4
The position regarding Revenue audits is still mixed; some have noted an increase while others still note a high level of dormancy within Revenue districts. Desk audits still appear to be the preferred option though the selection process remains unclear.