Tuesday, 4 September 2012

Complete the Following VAT Returns: Bi-monthly i.e. VAT 3, Annual

What is a VAT return?
A VAT return is where the business records all the total value of the transactions over a two month tax period. In Ireland this form is called VAT 3 return.

What companies use bi monthly and annual vat returns?
It depends on the value of the vat you are returning. For example a company who makes Bi-annual returns whose total VAT payments for the year are less than €3,000.
To make four-monthly returns this is available to companies whose yearly VAT payments are between the figures of  €3,000 and €14,000.
To make annual vat returns it must be of concession of the revenue commission. This however is only allowed for smaller traders.

Check out this link to learn more about VAT and VAT returns from the Irish Tax and Customs website:

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