1. New RCT system to be introduced in 2012 Work is well advanced on developing a new system, which is expected to be introduced on 1st January 2012. It will be subject to a commencement order to be signed by the Minister for Finance. From 1st January 2012, all relevant contracts, including those that are ongoing [...]
The Minister for Finance announced the Government’s 2011 Jobs Initiative on 10th May. The initiative includes a number of measures aimed at stimulating job creation, and also details of how they propose to fund the incentives – mainly in the form a new pension fund levy. The main points are as follows; The Minister reaffirmed [...]
Mixed Transactions There are special rules on how the supply of a package comprising two or more elements, each potentially attracting VAT at different rates, is treated for VAT purposes. In general, these rules provide that the consideration payable in respect of goods or services supplied as a package in what is known as a [...]
Figuring out the correct rate of VAT to charge can be complicated although the revenue do have a rather helpful index of rates here http://www.revenue.ie/en/tax/vat/rates/index.jsp Generally the normal rate of VAT on repairs and construction services is 13.5% and the rate of VAT on goods is 21%. A business can often supply both at the [...]
Proper bookkeeping is often overlooked by a start-up company in the rush to make new sales. Your accounting data is a critical business resource. It is important that you know your position with creditors, customers, banks and taxes. Are you making a profit or a loss? If not what should you do to change this? [...]