If you’re Business is registered for VAT you would normally submit a VAT return to the Revenue on a two monthly Basis. This is done on the 23rd of the month after the taxable period.
So you pay on the 23rd of:
January, for November and December
March, for January and February
May, for March and April
July, for May and June
September, for July and August
November, for September and October
This system is supposed to provide adequate time to receive payment from your Customers. In an ideal world that would be the case. Your Liability for a given period is made up of your Input VAT less your Output VAT. In simple Terms it’s the tax you have collected from your Customers less tax on Purchases you made during the period. If the VAT on your Purchases exceeds the VAT you charged your Customers, you are due a refund.
Bullet Online Accounts makes tracking your VAT automatic.
If you’re not currently using Accounts Software to run your Business, getting a V3 return done can be a daunting task.
Getting your return done and tax bill paid using Bullet Software is as easy as one, two, three.
- Create an invoice with Bullet Invoice Tool for each Sale you make
- Record bills and expenses such as ESB, stock for resale as you receive them.
- Bullet tracks and updates your VAT Liability in real time for you and has your VAT3 Return ready to go at all times. All you have to do is look after 1 and 2 above and click the “Generate ROS file” by the due date.
You can get more information on VAT from the ROS website here
Take a look around Bullet Software here take the work out of doing your VAT returns.