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Paying VAT- question

  • 20-04-2009 1:29pm
    #1
    Cordner
    Closed Accounts Posts: 33 ✭


    Hi,

    Meeting with a new client later today. He pays VAT by DD every month. Can anyone tell me how does this work with returns? I assume I still return usual VAT form every 2 months? With no payment attached? Do I just adjust DD if its been underpaid or overpaid? Does the Vat office issue a statement of vat returns v's payments for the year to date- or will I have to track this?

    Thanks in advance. He also does the same with Payroll tax- so same q applies!!

    M


Comments

  • #2
    maddogcollins
    Registered Users, Registered Users 2 Posts: 998 ✭✭✭maddogcollins


    Cordner wrote: »
    Hi,

    Meeting with a new client later today. He pays VAT by DD every month. Can anyone tell me how does this work with returns? I assume I still return usual VAT form every 2 months? With no payment attached? Do I just adjust DD if its been underpaid or overpaid? Does the Vat office issue a statement of vat returns v's payments for the year to date- or will I have to track this?

    Thanks in advance. He also does the same with Payroll tax- so same q applies!!

    M


    As far as i am aware, any person who pays a direct debit to revenue only has to file an annual VAT 3 (at year end) and obviously an annual P30 (P35).

    Iv attached a chapter from the VAT manual on revenue.ie

    It may be of help/ A phonecall to revenue will sort it out straight away.


  • #3
    Cordner
    Closed Accounts Posts: 33 ✭Cordner


    Thanks! I think his year end is April- so thats why he was making noises about Vat being due. Thanks for the info.


  • #4
    pd2006
    Closed Accounts Posts: 59 ✭✭pd2006


    Hi Ya

    I have afew clients who do their vat and paye this way.

    Vat: Only one return is submitted and thats the yearly one which in your case is april due may. Your client should get a statement from the revenue in April showing his total payemts todate and any bounced payments. You do your vat return as normal and if their is an underpayment you pay the revenue and if there and overpayment you get a refund.

    Paye: works on the same principle, in Dec your client should get a statement showing how much is paid you work out what his paye/prsi bill is for the year and pay the difference.

    HTH


  • #5
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    and dd have to be >90% of final liability or interest is due


  • #6
    JoeTurner
    Registered Users, Registered Users 2 Posts: 201 ✭✭JoeTurner


    Cordner wrote: »
    Hi,

    Meeting with a new client later today. He pays VAT by DD every month. Can anyone tell me how does this work with returns? I assume I still return usual VAT form every 2 months? With no payment attached? Do I just adjust DD if its been underpaid or overpaid? Does the Vat office issue a statement of vat returns v's payments for the year to date- or will I have to track this?

    Thanks in advance. He also does the same with Payroll tax- so same q applies!!

    M

    Have you set yourself up as a tax advisor with the Revenue? If you have, and you've a client list on www.ros.ie, you'll be able to run queries on the Client Information Services section to see payments made, returns due, outstanding balances etc...

    Joe


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