Nicholas Ryan the principal of The VAT Practice has over 29 years experience as a VAT specialist building up an extensive knowledge and understanding of Irish, UK and international VAT.
Nick started his career with HM Revenue & Customs as a VAT control officer, it was his interest in how businesses manage their operations and his desire to work more closely with businesses in managing their VAT affairs that lead him to move into the private sector.
Nick has worked for a number of the Big 4 practices both in Ireland and the UK. Since his move to Ireland in 2002 Nick was Director of VAT for PricewaterhouseCoopers in their Cork office and, prior to this, head of VAT services for the Munster Region for Ernst & Young. During his career in the UK Nick also worked for PricewaterhouseCoopers and was a part of the VAT leasing team at KPMG.
During his career he has worked with a wide range of clients including Plc’s, owner managed businesses, sme’s and not for profit organizations. He has advised these clients on a broad spectrum of VAT issues from multi territory transactions, cross border and domestic issues, managing Revenue audits, compliance and risk management issues and the application of VAT to specific transactions or industry sectors.
Retainer Royalty scheme and VAT
The system is correct to neutralize the sale of the voucher at the point of issue of the voucher as VAT can only be accounted for on point of sale vouchers at the time the voucher is redeemed by the customer. At that time, VAT is determined by the VAT rate applicable to the products sold.
Therefore the use of the voucher should not apply to only the zero rated takings unless the products purchased using the voucher were subject to VAT at the zero rate. Therefore the system might be under-stating standard rated sales.
You can message me directly if you need to discuss further.