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Sage 50 / Instant Accounts
Welcome to Sage 50 & Instant Accounts Web Support. We have designed this section to cater for all your Accounting queries.
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Your Sage Account No. can be found on your Sage Invoice.
Latest News
- July 2010 - VAT reminder and tips
VAT3 must be filed and if there is any liability it must be paid every two months and by the 19th day of the following month. Using ROS to fill and pay your liabilities will give you 4 extra days, you will have until the 23rd of the month. - 07 July 2010 - Extension of Mandatory E-Filing/Payment
Revenue have published a consultation document relating to the proposed extension of mandatory e-filing and payment for certain returns and tax liabilities. The proposal is to make mandatory online filing and payment for returns/payments due on or after 1 January 2011 to: all companies, all partnerships, all trust, Individuals who register for VAT, individuals subject to the hegh earners restriction and Individual employers with more than 5 employees.
Download further information on E-filing (hyperlink to the document efiling.pdf – please see attached). - June 2010 - Tax Exemption for New Start-Up Companies
To encourage new business activity, the relief from corporation tax in their first 3 year of operation, have been extended for new companies:- that are incorporated on or after 14 October 2008,
- which commence a qualifying trade in 2009, and
- whose corporation tax liabilities do not exceed specified levels.
Further information on Tax Exemptions can be found at Irish Revenue. ( hyperlink to http://www.revenue.ie/en/practitioner/tax-briefing/2010/no-062010.html).
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Introduction of a VAT Margin Scheme for Second-hand Cars
Under the Margin Scheme, dealers who purchase a second-hand car and resell it after will account for VAT on the difference between the cost of acquiring the car and its reselling price. It will also apply in respect of second-hand agricultural machinery. It will also apply in respect of second-hand agricultural machinery.
- Travel agent's margin scheme
The travel agent’s margin scheme provides for the taxation, from 1 January 2010, of margin scheme services supplied by tour operators and travel agents, acting as principals. Margin scheme services include services such as transport, accommodation, tour guides etc. bought-in by a travel agent from third parties. The liability for VAT is the difference between the total that the travel agent is entitled to receive for the supply of margin scheme services less the cost of the bought-in services used in those margin scheme services. The travel agent’s VAT liability is calculated by reference to this margin.
Further information on the Travel Agents Margin Scheme. (hyperlink to http://www.revenue.ie/en/tax/vat/leaflets/travel-agent-margin-scheme.html.
- Cash Registers and the obligation to maintain proper books and records to determine tax liability or entitlement to deductibility
- 22 June 2010 - Emergency Budget in the UK increases the VAT rate
From January 2011 the new Standard rate in the UK will be increased from 17.5% to 20%. The Reduce Rate will remain at 5%
If your total payment for the year is €3,000 or less you have the option of filling your return on a six month basis.
If your total annual payment is between €3,001 and €14,000, you can fill your return every four months.
Traders who pay VAT by direct debits need file only one annual return at the end of their accounting period.
More information on VAT can be found at http://www.sage.ie/vatlegislation/site/home.asp (see second screengrab below).
Obligation to keep records:
Every accountable person is obliged to keep up to date a full and true record of all transactions that may affect their liability to tax and/or entitlement to deductibility.
In respect of payments receivable from VAT registered persons (mainly other businesses), the records must include the amounts in respect of every transaction for which an invoice or other document is required to be issued, with a cross-reference to that invoice or document.
In respect of payments received from persons not registered for VAT (mainly non-business customers), a daily total of the consideration receivable must be retained.
Further details on Tax Liability and Deductibles (hyperlink to: http://www.revenue.ie/en/tax/vat/leaflets/cash-registers.html#section4).