TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Bi-Annual and Tri-Annual VAT Returns

As mentioned in Section 1.15 of the June edition of tax.point, from 1 July 2007 businesses with a yearly VAT liability of €3,000 or less may submit bi-annual returns; and from 1 September 2007 businesses with a yearly liability between €3,001 and €14,400 may submit tri-annual returns. Revenue have issued eBrief No. 27/2007 on the new arrangements.

Key points in the eBrief include:

  1. Bi-annual filing and payments for traders whose total VAT payments for the year are €3,000 or less.
  2. Four-monthly filing and payment for traders whose total VAT payments for the year are between €3,001 and €14,000.
  3. Revenue will be writing to each eligible trader advising how the new simplified filing and payment arrangements will apply, with a copy of the letter being sent to the trader's agent.
  4. There is no need for traders to take any action in relation to this change.
  5. The following traders are not included:
    • Traders who are in a net repayment position are not included in the scheme and will continue to file every two months;
    • Traders who pay by means of direct debit will continue to do so and will file one annual return at the end of their accounting period.
  6. Traders who receive a notification from Revenue regarding the new filing and payment arrangement for VAT and who do not wish to avail of this new arrangement will be able to contact the Revenue helpline on 1890 707071.

The eBrief also contains two very useful tables on the payment and filing schedules for traders who qualify for the bi-annual and tri-annual basis. The eBrief is reproduced at Section 2.06.