The board of management should establish and maintain an appropriate system of control over all assets and tangible moveable property owned by the board. An asset is any property acquired by the school which is intended for use on a continuing basis for more than one year.

The Cashflow Statement is used to assess past cash flows as well as helping to forecast future cash flows. It is concerned with describing and examining the inflows and outflows of cash that lead to the change in cash held after a transaction has taken place. The purposes for which a Cashflow Statement is prepared … Continued

The Government Budget 2018 introduced the Charities VAT Compensation Scheme. Under the scheme, schools as charities may be able to reclaim some element of their VAT costs arising in 2024 based on the level of non-public funding they receive. Schools must exclude income and expenditure from canteens and tuck shops. A capped fund of €10 … Continued

Services received from abroad (excluding construction services) Schools registered for VAT solely for the purposes of reverse charge construction services are not obliged to self-account for VAT on services received from outside the State. The school should pay the invoice including the VAT to the supplier. Non-resident subcontractors providing construction services Where a subcontractor who … Continued

Schools registered for VAT solely for the purposes of reverse charge construction services are not obliged to self-account for VAT on goods they purchase from other EU Member States, (including Northern Ireland). I.E. Where a school buys goods from another EU country or Northern Ireland, the supplier’s invoice should be inclusive of VAT at the … Continued

From 1st January 2021, Brexit and new customs rules means you may have to pay taxes and duties such as customs duty and VAT when you buy from a Great Britain business (except Northern Ireland). Purchase of goods from outside the EU (including Great Britain but excluding Northern Ireland) Goods imported into the State by … Continued

The FSSU has prepared a schedule of important dates for Revenue returns and the preparation and submission of annual financial accounts. The table below provides a schedule of important dates for filing returns to Revenue for VAT, RCT and RTD. The dates listed below are the latest date a return should be filed and paid … Continued