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

Reduced Frequency of Filing Tax Returns and Payments

Reductions in the frequency of VAT, PAYE/PRSI, & RCT tax returns and payments for smaller businesses are being extended to eligible businesses from 1 January 2014. This will mean that eligible businesses will only have to make payments at the end of each 3, 4 or 6 monthly period, as appropriate.

Businesses making:

  • Total annual VAT payments of less than £3,000 are eligible to file VAT returns and make payments on a 6 monthly basis;
  • Total annual VAT payments of between £3,000 and £14,400 are eligible to file VAT returns and make payments on a 4 monthly basis;
  • Total annual PAYE/PRSI payments of up to £28,800 are eligible to make payments on a 3 monthly basis;
  • Total annual RCT payments of up to £28,800 are eligible to file RCT returns and make payments on a 3 monthly basis.

In eBrief No. 46/13 Revenue advises that they will write to each eligible business confirming that reduced frequency of tax returns and tax payments will apply from 1 January 2014.