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 […]
For VAT purposes the Revenue consider an exporter to be a person that supplies goods to another person and where the goods are directly dispatched to a destination outside of the European Union. In this instance the zero rate of VAT applies to the supply of the product. Simple enough?
Surely it can’t be that hard for a business to know whether they are an exporter or not. Well from recent experiences it is and the scenario below should help you in seeing where the problems lie.
The area of Wealth Management services as seen provided by a number of accounting practices is one where the issue of VAT deduction is key. Wealth management is the umbrella title used to cover the provision of financial services advice to private clients. Such services can qualify as either VAT taxable or VAT exempt depending on the nature of the role and service provided. Where a business makes both taxable and VAT exempt supplies then it falls into the arms of partial exemption. This means a number of increased management tasks which, if not managed correctly, can lead to mismanagement of VAT and the resultant costs this can bring to bear on a business.
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.
In the UK there have been a number of issues from the further discussions on the VAT liability of hot take away food products, self storage facilities being an exempt supply of land as opposed to be a license of storage facilities and the VAT treatment of park and ride services all of these may have a bearing on Irish VAT.