Munster’s first independent VAT consultancy practice providing specialist VAT and Indirect tax advisory, assurance and interim management support services to owner managed businesses, small & medium enterprises, accountants and legal practices.
Contact Details
The VAT Practice,
The White House, Cloncorban, Rossmore, Clonakilty,
Co. Cork
Principal: Nicholas Ryan
Tel: +353 (0)23 8838181
Mob: +353 (0)83 3340324
Fax: +353 (0)23 8838181
Email : info@thevatpractice.ie
Revenue News, February 2011
Friday, February 18, 2011
by Nick Ryan
Revenue target hot food sales by retailer grocers: We have heard that Revenue have targeted a number of retail grocers paying particular focus of the sales made of hot cooked food. Our sources suggest that the VAT liability applied by those visited has been challenged by Revenue and assessments are being mooted.
Relevant Contracts Tax: e-brief no 03/2011: provides clarity on the operation of RCT in liquidation, receivership or examinership. The e-brief confirms that there is no exemption in operation of RCT where a receiver, liquidator or examiner has been appointed to the sub-contractor. The principal is still required to operate RCT as normal. There is though a requirement to distinguish the position for the management of RCT on contracts between those entered into post appointment and those in progress prior to appointment. The loiquidator/receiver must ensure thet can clearly show when the contract was entered into in order to support how the RCT was dealt with for offsetting purposes.