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Two or more persons may decide to operate as a single VAT registered body for the purposes of VAT - known as a VAT group. To form a VAT group, an application must be made to Revenue and approval is at the discretion of the Revenue.

Revenue have updated the guidance material on the operation of the Section 56 authorisation system. Generally, a VAT registered entity is eligible to apply for a Section 56 authorisation where over 75% of their annual turnover is derived from qualifying sales, namely; intra-community supplies of goods, exports and certain contract work. Revenue will grant the trader a VAT56B authorisation.

EU Mandatory Disclosure reporting rules came into effect in July 2020, however due to the impacts of COVID-19 pandemic the reporting deadline was deferred until January 2021. The first reports are due by the end of January. Are you ready to file your reports with the tax authorities?

In the context of the current Covid 19 emergency, Revenue have published guidance (eBrief 77/20) on the zero rating of certain medical equipment and products and the impact for traders who supply or donate these goods. In addition, the VAT impact of supplying emergency accommodation is clarified.

In light of the Government’s recent financial measures implemented for businesses, we have summarised below some practical steps businesses may take to improve VAT cash flow.