Tax risks and opportunities

Do you need to review your VAT and PAYE position? Our Tax risks and opportunities examines VAT and PAYE pitfalls and opportunities.

Are you 100% satisfied that all of the following applies to your business?

VAT

• VAT on all sales is charged at the correct rate to customers;
• VAT is correctly self-accounted for on goods and services received from outside Ireland;
• invoicing provisions meet the required regulations and all of the necessary conditions are satisfied;
• VAT is only reclaimed on ‘allowable’ items and based on proper VAT invoices from suppliers;
• Intrastat and VIES (from 2010) forms are correctly completed in respect of goods and/or services supplied/received cross-border; and
• all relevant VAT reliefs have been availed of and cashflow saving opportunities have not been missed.

PAYE

• all payroll calculations are correct including PRSI, pension deductions and Universal Social Charge (USC) etc;
• there are no individuals being paid gross (on receipt of an invoice) where payroll should in fact be operated;
• there are no benefits whatsoever being provided to staff/directors which should be subject to PAYE, but are not being included in the calculations;
• amounts reimbursed to staff for expenses incurred (e.g. mileage etc) are correctly calculated in accordance with Revenue rules;
• any ex-gratia or tax-free payments are correctly calculated; and
• staff are rewarded in a tax-efficient way maximising the use of any relevant allowances and reliefs available.

If you are unsure in relation to any of the above, then the following document may be of interest to you!