Update to Revenue’s Guidance Note – VAT Repayments Offset

• Revenue updated its guidance note on VAT Repayment Offset effective from July 2023.
• The update allows businesses who have warehoused Employer’s PAYE, VAT or IT to offset a VAT repayment amount to a specific tax and period within the debt warehouse.
• A maximum of 2 debt warehoused periods can be selected for offset, and users can manually choose how much to offset and for which periods.
• The Debt Warehousing offset will be the final instruction carried out when offsetting in circumstances where there are other tax periods with liabilities.

Source RSM

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