VAT Fundamentals
- 1. Context and confines of indirect taxes
- 1.1 Appreciate the influences and confines which frame the Irish indirect tax systems
- 1.2 Explain the European Dimension to VAT
- 2. The charge to VAT
- 2.1 Describe the scope of VAT
- 2.2 Outline the charge to VAT
- 2.3 Identify when a supply is made in the course of a business
- 2.4 Define key terms in VAT
- 2.5 Identify when a business must register for VAT and complete the relevant forms
- 2.6 Describe when VAT group registration is available and why it can be beneficial
- 2.7 Complete tax registration forms (Forms TR1 and TR2)
- 3. Supplies of goods and services
- 3.1 Identify a supply of goods for VAT purposes
- 3.2 Identify a supply of services for VAT purposes
- 3.3 Explain the place of supply rules of goods and services
- 3.4 Explain the reverse charge mechanism and self accounting for VAT
- 3.5 Be aware of the reverse charge mechanism for principal contractors and sub-contractors
- 4. International transactions
- 4.1 Outline the rules which apply to the sale of goods outside of the State and establish what evidence must be retained by the trader to satisfy the authorities
- 4.2 Discuss supplies of goods and services to private individuals (“B2C”)
- 4.3 Outline the VAT treatment of International Transport Services
- 4.4 Calculate the VAT chargeable or deductible on international supplies
- 5. VAT on property
- 5.1 Outline the different rights a person can hold over or in property
- 5.2 Judge whether a contract is a license or a lease and explain the VAT and legal implications of the judgement
- 5.3 Describe how property transactions were treated under the old system (pre 1 July 2008)
- 5.4 Describe how property transactions are treated (post 1 July 2008)
- 5.5 Describe how Transitional Properties are treated (post 1 July 2008)
- 5.6 Outline how deductible VAT is calculated for property transactions – the Capital Goods Scheme (“CGS”)
- 5.7 Outline how the transfer of business relief can apply to the transfer of property
- 6. The rates of VAT and deductible/non-deductible VAT
- 6.1 Identify the rates of VAT that should apply to a single supply
- 6.2 Identify the rates of VAT that should apply to a composite or multiple supply
- 6.3 Calculate the VAT chargeable on a supply
- 6.4 Describe and calculate a VAT input credit
- 7. VAT and specific business transactions
- 7.1 Outline whether or not VAT arises on a transfer of a business
- 7.2 Describe the special VAT rules that apply to certain industry sectors
- 8. Administration
- 8.1 Describe the record keeping requirements of VAT
- 8.2 Complete a valid VAT invoice or credit note
- 8.3 Describe the pay-and-file system for VAT and identify the key pay-and-file dates
- 8.4 Account for VAT using the invoice basis and the cash basis of accounting for VAT
- 8.5 Complete Form RTD, VIES and Intrastat returns
- 8.6 Outline what interest and penalties can apply where pay-and-file dates are missed
- 9. Revenue Powers and Revenue Audits
- 9.1 Cite the statutory penalties that may be sought by Revenue in relation to VAT and state the time limits relating to these
- 9.2 Outline the circumstances in which Revenue may forfeit and seize goods
- 10. Other indirect taxes
- 10.1 Describe how Vehicle Registration Tax (“VRT”) applies
- 10.2 Outline the other national excises
- 10.3 Outline the harmonised excises
- 10.4 Explain how Carbon Tax applies
- 10.5 Discuss the Brexit Omnibus Act 2020
- 10.6 Describe how the Sugar Sweetened Drinks Tax (“SSDT”) applies
- 11. Case Study
- Form VAT 3 Return
- Form TR1
- Form TR2
- Form TR1 (FT)
- Form TR2 (FT)