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.
