Galway Accountants GBS & Co notice about Reduced Frequency of Tax Returns and Payments

Galway Accountants GBS & Co note that there have been extensions to newly eligible VAT, PAYE/PRSI, and RCT customers in the frequency in which they make returns.

Reductions in the frequency of VAT, PAYE/PRSI, and RCT tax returns and payments for smaller businesses are being extended to eligible businesses from 1 January 2013.

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;
Businesses making total annual VAT payments of between €3,000 and €14,400 are eligible to file VAT returns and make their payments on a 4 monthly basis;
Businesses making total annual PAYE/PRSI payments of up to €28,800 are eligible to make their payments on a 3 monthly basis;
Businesses making total annual RCT payments of up to €28,800 are eligible to file RCT returns and make payments on a 3 monthly basis.

What are the benefits to businesses?

The benefits for qualifying businesses are two-fold:

Improved cashflow by only having to make payments at the end of each 3, 4 or 6 monthly period, as appropriate.
Reduced costs of administration through less frequent filing of tax returns.

How will these changes be implemented?

Revenue will shortly write to each eligible business confirming that reduced frequency of tax returns and tax payments will apply from 1 January 2013.

A copy of the letter will also be sent to the agent or tax practitioner on record for eligible customers (other than PAYE/PRSI customers).

Contact Ciaran Guilfoyle from Galway Accountants GBS & Co www.easypayroll.ie

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