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 […]
We are also overwhelmed by the interst shown in the VAT Online Support Service we can provide to accounting practices and a number of practices have initiated discussions on the type and level of service they will require.
In this issue we focus on lease surrenders after a number of you regitered an interest in this complex area. Also covered is a timely set of pointers to consider when assisting clients with their year end planning together with my thoughts from a VAT perspective on the Four Year plan and the looming Budget 2011.
What measures for VAT would I like to see introduced. Personally I would like to see an overall reform of the VAT rates focusing more on how VAT works for differing business and commercial sectors. Through this specific industries can be targeted in order to stimulate growth. Other reforms could provide for a wider stimulus for growth and provide for greater competitiveness in the EU marketplace.
A question often asked is at what point is a surrender of a lease deemed to occur? Firstly we need to understand what is meant by a surrender of a lease.
To understand what a surrender of a lease is we must be first understand the definition of a lease.
It is only some ten months ago since Revenue introduced a radical set of changes for the treatment of tour operator’s supplies under the introduction of the Tour Operators Margin Scheme, TOMS. Although the introduction of the scheme was a measure to bring Ireland in line with EU practices it has brought with it some confusion particularly in regard to its application and who is affected by it.