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.