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VAT 4A/ form 4B Procedure

  • 19-10-2009 12:44pm
    #1
    lougem
    Closed Accounts Posts: 29 ✭


    Hi I was wondering if somebody could give me some feedback. I already posted this on the taxation forum but to no avail. I need to write a simple explanation of the VAT 4A/ form 4B procedure for leases. Would anyone have any suggestions for the following:

    The 4A procedure

    • Can only be used in the case of a lease of at least 10 years.
    • Landlord and tenant must apply jointly to the Revenue Commissioners, and must do so before the lease is signed.
    • If a VAT 4A authorisation is given under Section 4A of the VAT Act 1972, the VAT accounting responsibility is from then on transferred to the tenant: the landlord will not charge VAT, and the tenant must account for it in his/her VAT return.
    • The tenant claims a matching deduction for the VAT in this return in the Form 4B.
    • This means that money never actually changes hands. The money which is officially paid to the Revenue Commissioners is simultaneously ‘repaid’ by them.

    thanks in advance


Comments

  • #2
    Imhof Tank
    Registered Users, Registered Users 2 Posts: 2,123 ✭✭✭Imhof Tank


    4A/B procedure has been abolished since July 2008


  • #3
    lougem
    Closed Accounts Posts: 29 ✭lougem


    Imhof Tank wrote: »
    4A/B procedure has been abolished since July 2008

    I know. I'm writing the explanation in layman terms for properties the company I work for acquired before this date, where the 4A/B procedure was used.


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