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VAT is levied on the supply of goods and services. VAT is a high risk and complex area for businesses and landlords. If VAT is not accounted for correctly it can give rise to significant VAT cost.

PKF O Connor, Leddy & Holmes have an experienced team of VAT specialists and can provide you with a comprehensive VAT service.

Our tax team can assist you with :

  1. Advice in relation to property transactions
  2. Advice on specific business transactions
  3. Providing advice to receivers and liquidators
  4. Assistance with Revenue Audits
  5. Advice on Irish and cross border transactions
  6. VAT reviews to determine potential VAT exposures
  7. VAT compliance


VAT on Property transactions

The VAT on property law changed significantly in 2008. Each property transaction is different and therefore a detailed review of the particular circumstances should be undertaken to avoid any VAT pitfalls. We work closely with our clients to provide comprehensive VAT advice in order to minimise any VAT cost associated with the transaction.

VAT on property transactions would include:

  • Sale of property
  • Letting of property
  • Development of property

The VAT position on the sale or acquisition of a property is dependent on the history of the property and the parties to the transaction. The sale of a building may not be automatically VATable and can in some circumstances give rise to a VAT cost to the vendor. There are different VAT consequences for the vendor and the purchaser depending on the history of the building and their VAT status.

With effect from 1st July 2008 new VAT rules were introduced for the leasing of property. There are different VAT implications for the leasing of property dependant on the history of the property and when the lease is put in place. There may also be VAT implications for the surrender or assignment of leases.

The services we provide would include:

  • Providing advice in relation to the property contract
  • Reviewing all lease agreements to achieve the optimal VAT position
  • In connection with the sale of a property we ensure that VAT is accounted for correctly and provide advice so that no VAT clawbacks arise for the vendor
  • If our client is acquiring property we ensure that VAT is only paid if correctly due

We provide the above VAT on property transaction advice not only to businesses and landlords but also to receivers, liquidators and other professional firms.


Specific Business Transactions

We provide VAT advice to ensure that VAT is accounted for correctly in transactions. Examples of such transactions would include;

  • Advice on Irish and cross border transactions
  • Transfer of business
  • Mergers and acquisitions
  • Significant agreements with suppliers/customers
  • Transactions between member of a group

We advise on the appropriate VAT treatment and how to address any VAT compliance obligations.

Revenue Audits

Our specialist team can assist you in connection with Revenue Audits by conducting a pre-audit review, submission of disclosure if necessary, representation at the audit and corresponding with Revenue.

VAT reviews

We can perform VAT health checks on your business to determine potential VAT exposures and savings.

We would also review;

  • VAT is accounted for correctly on goods and services received from outside of Ireland
  • VAT is charged correctly
  • VAT is reclaimed only on allowable items
  • Appropriate reliefs are claimed


VAT compliance

We can assist you with managing your VAT by providing VAT compliance services e.g. VAT returns, Intrastat returns, VIES returns etc, VAT registration etc