E-brief 2008-101 (October 2008)

Welcome to the first edition of our electronic news letter.

This medium will be utilised to update you on current issues which effect the day to day management of your business. Topics from taxation to business strategy and everything else in between will be covered.

Your contributions and feedback will be valuable in developing the content of future issues so please feel free to email us with any suggestions that you may have.

Subscriptions can be managed from our website or the bottom of this newsletter. Feel free to forward the newsletter to any of your business colleagues.

Best Regards,

Michael Byrne

VAT treatment of forfeited deposits and cancellation charges. (particularly relevant to the hotel and services sector)

Changes have taken place in Revenue policy and procedures relating to the treatment for VAT purposes on forfeited deposits and cancellation charges. The provisions of these changes are to take effect immediately. Click here for more

VAT – Service Charges in Hotels and Restaurants – Withdrawal of Revenue Concession with effect from 1st September 2008.

The Revenue concession, whereby service charges in hotels and restaurants are not regarded as part of the taxable amount if they are distributed in full to staff, is being withdrawn with effect from 1 September 2008. Click here for more

NEW - VAT rules for Principal Contractors and Sub-contractors

From 1 September 2008, there will be major change in how principal contractors and sub-contractors in the construction industry account for VAT. Principal contractors and sub-contractors will need to know how to operate the new system and be prepared for the change. Click here for more

Mandatory e-filing

From 01 January 2009, companies dealt with by the large cases division of Revenue and certain state agencies will be obliged to use ROS to process CT, PAYE and VAT. For all others the new arrangements will be effective from 01 January 2010. Click here for more