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, […]
From September 19th 2014, all Central Government, local authorities and State agencies will no longer issue or accept cheque payments. If you are now in a position whereby, the payments to government and its agencies are currently made by cheque the implications are not only that this payment mechanic will be taken away but also the associated credit timelines that you had against these types of payments are also removed.
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.
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.
Survey shows 28% of companies don’t understand benefits available to them. Budget 2013 increased the turnover threshold for cash-based VAT accounting from €1 million to €1.25 million, giving hundreds more companies the opportunity to manage their tax bills more efficiently.
Bank of Ireland is providing a conversion service to convert Credit Transfer IRECC Std 18 files to SEPA XML for their customers at no additional cost in addition to offering XML Credit Transfer capability.
SEPA is a mandatory EU Regulation so all businesses will have to conform to SEPA by the 1st February 2014. Bank account numbers and sort codes will be a thing of the past and replaced with IBAN (International Banking Account Numbers) and BIC (Bank Identifier Codes).
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.