Tracey Glacken from Glacken Accountants discusses the impact of iXBRL on the work of an accountant in association with Sage. Phase 1 of iXBRL has been in place since 1st October. This phase applies to customers of Revenue’s large cases division filing their corporation tax returns. By 31st May 2014 customers of this division will […]
Tracey Glacken from Glacken Accountants discusses the announcements in Budget 2014 in association with Sage. Budget 2014 has been and gone and what are we left with? For workers Budget 2014 will not affect their take home pay, however for the elderly and the under 25’s cuts to their allowances will have some impact on […]
Pat Mulhall from Revenue’s iXBRL Business Team discusses the implications of the commencement of compulsory filing of iXBRL financial statements for Corporation Tax payers. This year, the 1st October is a red-letter day in the Corporation Tax calendar. Since November 2012, Corporation Tax filers have optionally been able to file iXBRL  financial statements. However, […]
Here at Sage we understand VAT can keep our customers awake at night. With the new Sage 50 Accounts 2014 – The VAT Edition we listened to our customers and made it simple. We have redesigned our VAT return in order to make it easier for our customers to complete.
VAT can keep a business owner awake at night and can affect the bottom line if it’s not managed properly. As the second highest generator of calls to our customer service team in Sage, it is clearly a big issue for small businesses and SMEs.
By Darren Bracken, L & D Product Trainer & Coach at Sage VAT registered businesses submit their VAT3 form at various times throughout the year. The main thing is that all VAT registered businesses at some point in the year submit a VAT3 form. Customer feedback indicated a lack of awareness around this new change […]
Under the cash received basis a trader issues an invoice to a customer in the usual way. When payment is received for this invoice the VAT is accounted for on the traders VAT return.
Businesses making total annual VAT payments of less than €3,000 are eligible to file VAT returns and make their payments on a 6 monthly basis i.e. 2 returns per annum.
The 50,000 or so impacted businesses should at least be at planning stage right now. The accountability for ensuring the necessary changes are made fall to each company.