Finance Act 2013

There were a number of changes to VAT in the recent Finance Act 2013 which your business should be aware of:

Threshold for Moneys Received Basis of Accounting for VAT

The threshold for accounting for VAT on the moneys received basis is being increased from €1,000,000 to €1,250,000 with effect from 1 May 2013. It is important to consider this threshold in light of the current economic environment and the cash constraints on businesses.


Finance Act 2013 provides that the existing special rule for vouchers being supplied to businesses for re-sale is now confined to the supply of vouchers to businesses that are established in the state. Therefore vouchers sold to businesses outside the state for onward supply are not taxable on sale but taxable at the point of redemption.

Receivers and Liquidators

New provisions in relation to receivers and liquidators specify that such a person in the course of carrying on or winding up a business, supplies taxable services is liable for VAT on these services.  An example would include rentals or the operation of certain businesses. The receiver/liquidator is obliged to register, make the return and settle the VAT due in relation to the supply of these services.

Contact Ray Masterson for all your tax and accounting services today on 014394200.

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