VAT
Information on changes to vat rules and regulations
HOME RENOVATION INCENTIVE SCHEME (HRI)
The Home Renovation Incentive (HRI) provides tax relief by way of an income tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works. The work must be carried out by HRI qualifying Contractors. To qualify for the HRI credit the work must cost between €4,405 and to €30,000(net of Vat). The work … Read more HOME RENOVATION INCENTIVE SCHEME (HRI)
VAT CLAWBACK OF UNPAID INVOICES
Budget 2014 inserted a new section No. 62A into the Vat Consolidation Act 2010. This came into effect from 1st January 2014. An accountable person must repay the Input Vat they claimed if the relevant good/service has not been paid by them within three taxable periods (six months) following the end of the period in which the … Read more VAT CLAWBACK OF UNPAID INVOICES
MEDICAL SERVICES AND VAT
Following a ruling by the European Court of Justice, Irish GPs must charge Vat at 23% for certain medical services. It differentiates between two different types of services a GP provides: If a person must have a medical check which is intended to protect their health – it is exempt from Vat. If the medical check is being … Read more MEDICAL SERVICES AND VAT
REVERSE CHARGE FOR SUPPLIES OF CONSTRUCTION SERVICES – NEW RULES FROM 1 MAY 2012
From 1st May 2012, a supply of construction services in the state by an accountable person to a connected person is subject to a reverse charge. This places the onus on the recipient of construction services from a connected person,rather than the supplier, to account for and pay the Vat. This follows on from rules … Read more REVERSE CHARGE FOR SUPPLIES OF CONSTRUCTION SERVICES – NEW RULES FROM 1 MAY 2012