Bi-monthly VAT3 Return
<25 transactions
For Companies with less than 25 transactions per return
€50+vat
<50 transactions
For Companies with less than 50 transactions per return
€75+vat
<100 transactions
For Companies with less than 100 transactions per return
€100+vat
For VAT Returns with large volume of transactions
What's included in the VAT3 service:
Registration for ROS
Register of sales & purchase invoices and director's cash expenses
Calculation of VAT3 liability/refund
Processing of VAT payment in ROS
Submission of refund supporting documentation in ROS
Monitoring of VAT refund till money is received
Provision of full VAT3 documentation to the client
What is VAT3 return?
Value-Added Tax (VAT) is an indirect tax, which is payable on sales. Each party in the chain of supply (manufacturer, wholesaler and retailer) take VAT from their customer and remit to Revenue at the end of each bi-monthly period.
The VAT3 return records the VAT payable or reclaimable by you in your taxable period.
When is VAT3 return due?
The taxable period is a two-month period (bi-monthly): commencing on the first day of January, March, May, July, September, November. However, the following taxable periods may be authorised by the Collector-General:
- Monthly basis if you are in a constant repayment position
- Annual return if you are making equal instalments by direct debit
- Four-monthly returns if your annual VAT liability is between €3,001 and €14,400
- Six-monthly returns if your annual liability is €3,000 or less.
What is Revenue Estimate?
The Revenue Commissioners and its division Collector General have very strict rules regarding submission and payment of VAT. In general, if you don't submit your VAT3 return or you fail to pay VAT on time, you may incur interest and penalties.
If you don't file your VAT3 return on time, Revenue will estimate the VAT payable for your company which often amounts to €500 liability. They will then take steps to collect the estimated VAT with a series of reminders sent to your company address. If this is unsuccessful, your case will be passed on to a local sheriff's office who will take suitable legal steps to collect the debt from your company. At this stage, there are legal costs imposed by sheriff's offices which will add to your VAT debt payable.
To avoid the collection process, it is very important to Submit VAT3 return and pay VAT due on time.
How to calculate VAT3 return?
T1 – VAT on sales - This figure is the total VAT due on your:
- supplies of goods and services
- intra-Community acquisitions of goods
- received services as appropriate.
T2 – VAT on purchases - This is the total VAT incurred by you on:
- goods and services insofar as they relate to your taxable supplies and qualifying activities.
- intra-Community acquisitions of goods
- received services
- flat-rate addition.
T3 – VAT payable - VAT is payable to Revenue where the T1 figure is greater than the T2 figure. The amount payable is the difference between the two figures.
T4 – VAT repayable - VAT is repayable to you where the T2 figure is greater than the T1 figure. The amount repayable is the difference between the two figures.
If you have no VAT payable or reclaimable in the tax period, the VAT3 must be returned marked zero at T1, T2 T3 and T4.
E1 – Intra-EU supplies of goods - This is the total value of goods sent to customers in other EU countries.
E2 – Intra-EU acquisitions of goods - This is the total value of goods received from suppliers in other EU countries.
ES1 – Intra-EU supply of service - This is the total value of services supplied to customers in other EU countries.
ES2 – Intra-EU acquisition of services - This is the total value of services received from suppliers in other EU countries.
Order your VAT3 return in 2 simple steps:
STEP 1: Fill out the order:
STEP 2: Pay for your VAT3 Return:
<25 VAT3 Return
€50+vat
<50 VAT3 Return
€75+vat
<100 VAT3 Return
€100+vat
Proxima Tax Services Ltd
Unit 3G North Point House
North Point Business Park
Mallow Road, Cork
Ireland
info@proxima.ie
021 237 30 87
Company Registration No: 613314
Revenue Tax Agent No: 76472U
CRO Electronic Filing Agent No: 613314C
