From 1st, January, 2014, reductions in the filing and payment frequencies for VAT, PAYE/PRSI and RCT by smaller businesses are being extended as summarised below:
- 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 n a 3 monthly basis.
Reduced filing and payment requirements should result in improved cash flow as the business will have an extended period before payment of taxes are due and business’ should benefit from reduced administration costs through less frequent filing of tax returns.
Revenue will shortly write to each eligible business confirming that reduced frequency of tax returns and tax payments is applicable.
Pay and File Summary
The following is a summary of upcoming pay and file dates:
Corporate Tax
- Filing date for Corporation Tax returns for accounting periods ending in June 2013 – 21, March, 2014
- Balance payment of Corporation Tax for accounting periods ending in June 2013 – 21, March, 2014
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