Vacation Rentals Senior Week Ocean City Maryland

COMPENSATION VAT VAT VAT TAX INFORMATION

With the circular No 1 / E of 15/01/2010 , the Inland Revenue has clarified some issues regarding use compensation claims Iva .

The ceiling of € 10,000 is the year of vesting credit and do not use the calendar year in compensation, and is calculated separately for each type Tax Credit (annual or interim).

The taxpayer in 2010 has:

• the VAT return for the year 2009 which shows a VAT credit to be used in compensation of € 80,000;
Two models
• VAT TR (second and third quarter) with a request for compensation of € 20,000 and 30,000,

have a ceiling refers to the credit of € 80,000 to be used in F24 with tax code and 6099/2009 an upper limit to the amount of claims reported quarterly equal to 50,000 €, to be used with the tax codes 6037 and 6038 (reference year 2010).

The circular clarified that the new provisions apply to credit Tax credits for the year 2009 and quarterly for the year 2010. Therefore, the annual Tax Credit of 2008 and the quarterly claims for the year 2009, may be used without the constraints of the new provisions (for the use of credits exceeding EUR 10,000 must submit a prior declaration or model Iva Iva TR).

The new provision for the settlement of VAT on compensation applies only "horizontal" (with other charges) and no compensation "vertical" (Iva by Iva).

The credit of up to € 10,000 in compensation can be used from 1 January 2010, without waiting for the submission of the declaration. This limit is reached any further compensation may be from the sixteenth day following the submission of the declaration.

if loans Quarterly, the limit of € 10,000, to be verified with reference to the sum of the amounts accrued in the three quarters.

example proposed by circular
Tax Credit € interim first quarter 5000, the taxpayer can use that amount without waiting for the sixteenth day of the month following the month of filing the application.
Tax Credit € interim second quarter 8000, the taxpayer can immediately be used € 5000, € 3000 while the surplus will have to wait on the sixteenth day of the month following the submission of the application.

The taxpayer making the declaration of conformity without a visa (being able to use the credit up to 15,000 €), may alter its choice by sending the next declaration of VAT (corrective / notes), complete the visa within 90 days of the expiry of the deadline. If filed within the deadline, will not apply sanctions.

The electronic transmission of proxy bearing compensation payment of VAT credits that exceed the annual amount of € 10,000 may be made no earlier than 10 days after submission of the statement which shows the claim.

addition, as required by decision Director of the Revenue of 21/12/2009, containing proxies VAT compensation may also be rejected for the following reasons:

1. offset amount exceeding € 10,000 per year without prior submission of the application or from which it emerges credit;
2. offset amount exceeding € 15,000 per year not accompanied by a declaration of compliance by the visa;
3. offset amount exceeds the amount of the credit arising from the declaration or request made.

For these reasons it is desirable that the transmission of proxies containing compensation Iva a few days in advance in order to be able to relay to eliminate errors and avoid incurring penalties.