VAT Property Admin
No Thresholds
The general thresholds for registration do not apply to VAT on the sale of immovable goods (real property land / buildings) and the leasing of freehold equivalents. Therefore, registration is required irrespective of thresholds.
In the case of other leases, the landlord may elect to tax. If the turnover from leases is less than €37,500 per annum he may register but need not do so.
General Rules
General principles of VAT apply. The intention to undertake VATable supplies in the future is generally sufficient to the secure registration, provided there is a present VATable activity. Although VAT may be allowed in respect of certain pre-trading expenses. the general position is that pre-registration VAT is not generally recoverable.
Provided the immovable goods are to be used for VATable sales or lettings in the future, a deduction of input VAT is allowed. Where it is intended to be used for non-VATable activities, no input VAT is allowed. Where it is to be used partly for a VATable purpose, an apportionment of the relevant part or proportion is allowed.
Landlord / Manager
Landlord is entitled to  recover VAT on post letting expenses in relation to services required to be supplied under the terms of the lease, rent review and rent collection and costs  in relation to options and breaks together with general overheads referable to the activity. The obligations should be reflected in the lease.
Where a landlord is providing out services in the context of a lease, they may be subject, under  general VAT principles  as VATable services. If the landlord simply collects monies in order to defray expenses incurred on behalf of tenants, they are not supplied by the landlord. However, a Revenue concession may be available.
The above applies to a commercial management company. Management companies of residential properties are treated as not being in business for VAT purposes.
VAT Invoice
As with VAT generally, a person supplying a VATable interest in property, whether by sale or  letting, must supply a VAT invoice. This does not apply in respect of persons  who are not registerable for VAT.
The VAT invoice should contain details of the parties including
- seller/landlord;
- VAT numbers;
- sequential number to identify it;
- purchaser/tenant;
- date;
- the property let;
- consideration;
- VAT rate; and the
- amount of VAT.
The VAT invoice must be issued by the 15th day of the month following the month in which the property has been supplied.
Records
VAT records must be kept for six years, generally. If person acquires immovable goods, the legislation requires retention of records relating to the acquisition or development for so long as the VATable interest is held plus six years.
There are additional obligations applicable in relation to so called capital goods. The requirement to keep records, extends to capital good records and options to tax. The records must be retained for the length of the relevant interest plus six years. However, retention for the capital goods scheme period is necessary as a practical matter.
VAT is  returned in the normal way in respect of VAT on property transactions. Accordingly, it should be paid by the due date in the month, following the relevant two month VAT period.
A debtor is obliged to hand over the capital goods scheme record to a receiver/mortgagee (it does not apply to liquidators). The capital goods scheme record is handed over to the receiver or mortgagee in possession during their appointment or time in possession. After cessation, it is returned to the borrower.
Payment
The issue of the VAT invoice will trigger the VAT liability.  Where monies are paid in advance, such as where the deposit is paid and released to the seller, VAT immediately arises. If however, the deposit is held by way of security is not treated as having passed, until completion.
Generally VAT is payable by the 23rd day of the month following the end of each successive two year period.