By Kieran Coughlan
Revenue accept issued notification that their VAT58 action is now activity online able from January 1, 2019.
Farmers who are not registered for VAT may accost VAT paid by them on assertive bulk such as acreage buildings, roadways, accession of accessories and accessories and acreage advance works.
Revenue’s new online VAT e-repayments ability will be accessible for unregistered farmers and all approaching VAT claim applications.
It is accustomed that the online action will crave a agriculturalist to upload a scanned archetype of invoices.
Only in actual aberrant cases will chiral VAT58 forms submitted by column be accepted, namely area a agriculturalist has already been accepted an exclusion from filing allotment and payments. As such the all-inclusive majority of farmers will now accept three capital choices as to how to filed their VAT 58 form, they can annals online for “myAccount”, annals as a ROS user (Revenue Online Services) or alternatively appeal their Agent (accountant/tax consultant) to book the VAT 58 acknowledgment on their behalf.
VAT is recoverable on the construction, extension, about-face or about-face of a architecture or anatomy which is advised for use alone or mainly for the purposes of a agriculture business, fencing, arising or affirmation of any acreage for use for the purposes of a agriculture business, or construction, adjustment or accession of condoning accessories for the purpose of micro-generation of electricity for use alone or mainly for the purposes of a agriculture business.
VAT is not refundable on aliment to acreage buildings, structures and acreage roadways, outlay on roadways to abode house, adaptable accessories and machinery, repair, annual and aliment of accessories and machinery. In band with added online allotment it is accustomed that refunds will alone be candy anon to a nominated coffer account.
The accepted VAT58 action is almost apathetic with archetypal processing times of four to six weeks and it is hoped that the online ability will acceleration up this process.
In added news, Revenue accept now adapted their Stamp Duty chiral — and they are highlighting that a lifetime beam of €70,000 applies to the bulk of aid accepted to a adolescent accomplished agriculturalist beneath the ABER (Agricultural Block Exemption Regulation) schemes (paragraph 7 of Article 18 of the EU Regulations).
This agency that the bulk of tax abatement accustomed charge be aggregated beyond the accordant schemes: i.e. area 81AA SDCA 1999 (Young Accomplished Agriculturalist Exemption), area 667B TCA 1997 (young accomplished agriculturalist banal relief) and area 667D TCA 1997 (succession acreage partnerships tax credit). Farmers and their -to-be breed should absorb these changes into their assumption plan to ensure that reliefs are maximised.
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