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
Welcome to the VAT Practice blog. Our aim is for our blog to provide you with access to: Hot topics – which features regularly updated information, ideas and comment from The VAT Practice on Irish and international VAT issues. Talk to us – businesses can provide comment on our articles in Hot Topics and enter […]
E-tailers/distance sellers or, rather “You are not exporters!” Here the key issue is one of understanding the VAT status of the business and how VAT should be accounted for on the sales made. Many distance sellers have fallen into the trap of misunderstanding VAT terminology and the differences between EU trade and non EU trade. Multi-jurisdictional VAT registrations are often required and, in some case, there is a need to negotiate a retrospective position with the local tax authority.
This revised scheme is available to all pharmacists with a turnover of less than E1.5 million and is based on the application of marking up purchases for resale for those items at the positive rate of VAT. This is to operate in conjunction with the PCRS statements which provide the sales information for the majority of the supplies made. The IPU has developed a spreadsheet and accompanying guide for use by pharmacists in order to manage the scheme.
This decision provides further inroads against the argument applied by Local Authorities and the Tax authorities, consider the stance taken by the Irish Revenue, that these organisations are not in business and therefore none of their activities are of a taxable nature.
Some examples of where VAT needs to be considered when appraising the investment portfolio and considering possible disposals for tax savings are:
Commercial property investment portfolios: Any disposal can have a VAT consequence particularly where the client deducted VAT on acquisition or development of the property; a Capital Goods scheme adjustment will need to be considered and any potential claw back of VAT on disposal has to be taken into account against the potential yield of the disposal.Also consideration should be given to changes in the VAT legislation for land and property in 2008 and the complexities this provided in relation to the impact of these rules on properties acquired or developed prior to July 2008.