Good news for Businesses: Reduced Frequency of Filing Tax Returns and Payments

---

There is some good news for some businesses with regard to the filing of tax returns. Reductions in the filing and payment frequencies for VAT, PAYE/PRSI and RCT by smaller businesses are being extended to eligible customers from 1st January 2014.

• Businesses making total annual VAT payments of less than €3,000 are eligible to file VAT returns and make 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 payments on a 4 monthly basis;
• Businesses making total annual PAYE/PRSI payments of up to €28,800 are eligible to make 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 eligible businesses?

• Improved cash flow 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 1st January 2014 and a copy of the letter will also be sent to the agent (other than PAYE/PRSI customers).

Revenue will automatically extend the reduced filing and payment frequencies to eligible businesses without the need for any action on your part.

Dylan Byrne is a Director of OSK. OSK are a leading provider of tax and accounting services – contact OSK today for more information.

Share this Post