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.
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.
Recent legislation from the EU, the late payments directive obliges public authorities to pay for goods and services within 30 calendar days or (in very exceptional circumstances, within 60 days) and businesses to pay their invoices within 60 calendar days.
40% of companies are waiting over three months for some payments, with 12% waiting over 120 days. Observe the following steps to help keep your cash-flow levels healthy.