Value Added Tax �VAT� applies to the supply or goods or services in the course of business. VAT is a European rather than an Irish tax, so it is largely based on EU law, which is imported into domestic Irish law.

The VAT rules vary significantly depending on the nature of the goods or service being supplied and VAT can be a significant cost in any transaction. Generally if the person receiving the supply is a VAT accountable person any VAT paid by the business can be reclaimed, so there is no cost to the business. However a person in business who is not a VAT accountable person (for example a GP) cannot reclaim any VAT paid, so it is a real cost of running the business.

The VAT on property transactions can be quite complex and the level of VAT charged on a property transaction can be significant, depending on the value of the property. OHT provides a VAT consultancy service dealing with property transactions.

OHT also advises on any VAT issues arising on the sale or supply of a business, and provides a compliance services for all areas of VAT, including the preparation and filing of VAT 3 returns, Intrastat and VIES returns, annual Return of Trading Details.