Effective VAT planning and management is vital to the cash flow of any business. VAT by its nature is a higher risk tax as it applies to transactions rather than profits and liability will arise regardless of profitability. It is also very complex affecting multiple transactions and errors can be very costly while proper VAT planning, and undertaking regular VAT reviews, can generate substantial savings.
In HLB McKeogh Gallagher Ryan we have experienced VAT specialists who advise clients in many industry sectors and carry out high-level reviews to identify VAT saving opportunities and potential exposures to VAT liabilities.
We provide VAT compliance services including VAT registration, preparing and filing VAT returns, and cross-border VAT reclaims. Our VAT advisory services cover many areas including particular expertise in:
- VAT on property and the VAT implications of purchasing, selling, granting and surrendering leases etc.
- The preparation and submission of international VAT reclaims for clients who incur VAT on business expenses abroad
- The VAT implications for Irish businesses of supplying goods/services to and receiving goods/services from abroad
- The place of supply rules applicable to businesses
Our tax professionals provide a hands-on approach to VAT queries devising practical solutions. As well as our VAT compliance services we provide VAT planning services, covering both domestic and international transactions, such as:
- VAT on imports/exports of goods or services
- Bad debt relief
- VAT in insolvency situations
- VAT on property transactions (sales, transfers etc.) and leases
- Acquisition/disposal of shares
- Efficient VAT group structuring
- Revenue audit advice
- VAT cash flow management
- Reviewing legal contracts
Our VAT reviews cover areas such as:
- Methodology for calculating the VAT recovery rate
- VAT deductibility entitlement in respect of specific types of transactions
- Determining strategies to ensure maximum VAT recovery for exempt/partially exempt bodies
- Detailed VAT health checks to review potential savings, increase efficiencies and reduce interest and penalties exposures
- Attending meetings with Revenue Commissioners and advising on matters arising