Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Interest Rate On Phased Payment Arrangement

  • 15-05-2015 8:45am
    #1
    swanvill
    Registered Users, Registered Users 2 Posts: 276 ✭✭


    Hi,

    Does anyone know the current interest rate charged (VAT debt) on a phased payment arrangement?

    Thanks.


Comments

  • #2
    Paddy001
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Paddy001


    The rate is currently 10% per annum.


  • #3
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    And unlike the interest you pay on borrowings from your local, friendly bank it isn't allowable in computing your taxable income. So it's a very expensive way of borrowing. If you can negotiate a bank loan and pay Revenue off in full you would probably be doing yourself a favour.


  • #4
    swanvill
    Registered Users, Registered Users 2 Posts: 276 ✭✭swanvill


    Very true


  • #5
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    If this is more of an academic query, then the interest rate is actually 0.0219% per day - which is equivalent to 7.9935% per annum (except in a leap year when it become 8.0154%!)


  • #6
    Paddy001
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Paddy001


    nompere wrote: »
    If this is more of an academic query, then the interest rate is actually 0.0219% per day - which is equivalent to 7.9935% per annum (except in a leap year when it become 8.0154%!)

    All taxes have interest applied at a rate equivalent to 8% per annum. The specific query was in relation to VAT which has an annual equivalent rate of 10% per annum, for obvious reasons. Please ensure to read the query before providing advices!


  • Advertisement
  • #7
    Carawaystick
    Registered Users, Registered Users 2 Posts: 8,779 ✭✭✭Carawaystick


    Paddy001 wrote: »
    All taxes have interest applied at a rate equivalent to 8% per annum. The specific query was in relation to VAT which has an annual equivalent rate of 10% per annum, for obvious reasons.

    It's not at all obvious from your contradictory post. VAT is a tax, you say it has a rate of 10%, yet you say al taxes have a rate of 8%


  • #8
    Paddy001
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Paddy001


    Carawaystick wrote: »
    It's not at all obvious from your contradictory post. VAT is a tax, you say it has a rate of 10%, yet you say al taxes have a rate of 8%

    Ok "all other taxes have a rate of 8%", better? I wouldn't count VAT as a tax on business generally, hence the wording. It is essentially collected by the business on behalf of revenue.


Advertisement