A concession basis can be applied for in cases when goods and services are supplied to property leasees through landlords. Landlords are not obliged to issue invoices showing VAT as they receive payments from their leasees. One invoice showing VAT should be issued to the leasee at the end of the landlord's accounting year. Only one VAT return per year will be required from the landlords. There should be no liability or refund to the landlord since they will merely return the appropriate VAT invoiced to the landlords and VAT charged to the lessees.
An important consideration is that the above concession does not apply to VAT on goods and services supplied to property leasees through their property management company.
Sheldon Zhang is Manager - OSK Audit. OSK are one of Ireland’s leading providers of property management audit services to commercial, industrial and residential property management companies.
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