-
Aviation Advisory
Our dedicated Aviation Advisory team bring best-in-class expertise across modelling, lease management, financial accounting and transaction execution as well as technical services completed by certified engineers.
-
Consulting
Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
-
Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
-
Deal Advisory
Our experienced Deal Advisory team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
-
Forensic Accounting
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
-
Financial Accounting and Advisory
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
-
Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
-
Risk Advisory
Our Risk Advisory team delivers innovative solutions and strategic insights for the Financial Services sector, addressing disruptive forces, regulatory changes, and emerging trends to enhance risk management and foster competitive advantage.
-
Sustainability Advisory
Our Sustainability Advisory team works with clients to accelerate their sustainability journey through innovative and pragmatic solutions.
-
Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
-
Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
-
Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
-
Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
-
Corporate Tax
Our Corporate Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic and international clients; covering Corporation Tax, Company Secretarial, Employer Solutions, Global Mobility and Tax Incentives.
-
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
-
Indirect Tax Advisory & Compliance
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
-
International Tax
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
-
Private Client
Grant Thornton’s Private Client Services team can advise you on all areas of financial, pension, investment, succession and inheritance planning. We understand that each individual’s circumstances are different to the next and we tailor our services to suit your specific needs.
Receive the latest insights, news and more direct to your inbox.
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.
Finance Act 2020 brought about changes as to who could apply for a Section 56 authorisation which effectively excluded a VAT registered person in a start-up situation from applying as a trader could only apply for a Section 56 authorisation where they could prove that, in the previous 12-month period, at least 75% of their turnover was derived from qualifying sales.
Revenue have recently clarified that a VAT registered entity in a start-up situation, who previously did not meet the 12-month trading requirement, can now apply for a Section 56 authorisation on an interim basis if they meet the following three conditions:
- their turnover from zero-rated intra-Community supplies of goods, exports and certain supplies of contract work will exceed 75% of their total turnover in the first year of trading;
- they satisfy all other requirements and criteria as set out under Section 56; and
- they are a subsidiary of, or are otherwise connected to a company that is in possession of a current Section 56 authorisation.
The third condition here could be difficult for many start-ups to meet – if they are a new stand-alone company with no related entities then the third limb of the test will not be met. As such, based on the current Revenue guidance, the start-up would have to wait the requisite 12 months in order to make an application for a VAT56B.
Speak to us if you are a start-up business or an existing business seeking to renew its VAT 56B authorisation.
Revenue Code of Practice – Implications for VAT
Revenue have published their updated Code of Practice for Revenue Audit and other Compliance Interventions which will be effective from 1 May 2022. There will be a graduated approach to Revenue intervention.
- Level 1 intervention - allows a taxpayer make an Unprompted Qualifying Disclosure.
- Level 2 intervention - Revenue will conduct a Risk Review, Revenue Audit or an Aspect Query and a taxpayer will be afforded the opportunity of making a Prompted Qualifying Disclosure.
- Level 3 intervention - Revenue investigation being conducted. The taxpayer would not be afforded the opportunity to make any disclosures prior to the commencement of this intervention once the notification has been received.
Some of the salient features from a VAT perspective are as follows:
- Under Level 1, a taxpayer can self-correct an identified error through their VAT return in the following period in which the error is identified. This adjustment may be included without notification to Revenue and also without interest or penalties provided that the under-declared VAT does not exceed €6,000. The adjustment must be made before the due date of filing the respective Income Tax or Corporation Tax return for the period in which the relevant VAT period ends.
- Revenue have now introduced the concept of a Risk Review which is a focused intervention to examine a risk or a small number of risks. For example, the risk review may focus on a particular risk identified following on from the submission of a VAT return or Annual Return of Trading Details. Where a taxpayer does not make a prompted qualifying disclosure and the Risk Review has commenced, then additional information may come to light which may require the widening of the scope of the intervention. In such cases, Revenue may escalate this review to an Audit and the scope may be increased to include other tax heads or periods. Taxpayers should also be aware that they may only receive one opportunity to provide a disclosure for a given period.
- A business is liable to a penalty of €4,000 for non-compliance with their duty to keep full and true VAT records and also where a taxpayer improperly procured the importation of goods without payment of VAT in circumstances in which the VAT is chargeable. This is in addition to a potential penalty of up to €4,000 for filing a VAT return late or filling an incorrect VAT return.
Regular self-review with a view to a voluntary disclosure of any VAT underpayment provides the best protection available in the new environment. Tax Risk Management is key and we have extensive experience in identifying and resolving VAT issues and in dealing with Revenue interventions at all levels.