by Caoimhe | Nov 24, 2014 | News
From the Irish Independent, 17/11/14 Nine out of 10 businesses are either stable or growing, across the island of Ireland and it is no longer just exporters and multinationals feeling the benefits of economic recovery. Smaller business and companies focused purely on the home market are showing signs of recovery, according to a new report from north/south focused Inter Trade Ireland. According to the InterTrade Ireland Business Monitor for the third quarter of 2014 45pc of firms in Ireland reporting growth in the three months to the end of September . It found that companies of all sizes, and across all sectors are now experiencing recovery. In the same period 12pc of firms reporting an increase in staffing levels, up slightly from the previous period. Profitability is also improving. Having been the worst hit by the crisis the construction sector is now the most optimistic, with 35pc of construction firms indicating that they are less cautious about undertaking investment than they were a year...
by Caoimhe | Nov 10, 2014 | News
From the Irish Independent 21/08/2014 The Revenue Commissioners have recently been seeking payment of underpaid VAT in cases where taxpayers have issued incorrect VAT invoices and zero-rated supplies in error. The VAT regulations provide that the EU VAT number of the customer should be stated on all VAT invoices where the “reverse charge” applies. Otherwise the supply is liable to Irish VAT. Care should be taken in this regard as this error can prove costly – the legislation provides for fines of €4,000 payable per incorrect invoice. A valid VAT invoice is generally required in order to reclaim VAT paid to suppliers. It is therefore important that a business is satisfied that it is receiving proper VAT invoices when making claims for repayment of VAT. Where simplified or electronic invoicing is being used, businesses should ensure that all the relevant required procedures are adhered to. Invoice timing Taxpayers should also ensure that all VAT invoices are issued in a timely manner. VAT invoices must be issued by taxpayers within 15 days of the end of the month in which the goods or services were supplied. The Irish VAT regulations provide that an invoice is only valid where the following information is stated on the invoice: the date of issue of the invoice; sequential number, based on one or more series, which uniquely identifies the invoice; the seller’s full name, address and VAT registration number; the purchaser’s full name and address; In the case of a “reverse charge” supply of goods or services to a customer registered for VAT in another Member State: the customer’s VAT number; and an indication...
