VAT Return Of Trading Details
All VAT registered traders must submit a VAT Return of Trading Details (RTD) on an annual basis, following the end of the respective accounting period.
The RTD Return details the total purchases and sales for the year, broken down by the VAT rate.
Return of Trading Details
€125
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What is VAT RTD Return?
The RTD is a summary of supplies of goods and services, imports and purchases giving rise to deductible input VAT at the various VAT rates..
The return includes:
- all Irish,
- intra-EU and
- overseas trade carried out by the Irish business.
The VAT exclusive value of the supply of goods and services should be included. All turnover, including turnover at exempt rates and at the zero rate must be included on the form.
When to submit VAT RTD Return?
You are required to complete a Return of Trading Details (RTD) form annually. Typically, the RTD is completed at the end of the year.
In the case of companies registered for corporation tax, an annual VAT return will be required for the 12 month period based on the company’s accounting period for corporation tax. The annual return is due to be filed within 23 days of the year end.
The due date for the submission of the annual return/declaration of liability to the Collector General is the 19th of the month following the month in which the accounting period ends e.g. if an accounting period ends on the 30th of June the annual return must be submitted by the 19th of July.
Why is VAT RTD return important?
The return is a statistical return and, as such, does not carry an obligation to pay any VAT liability. Essentially, the RTD is used as an audit tool to assist Revenue in verifying the accuracy of periodic VAT returns filled during the accounting period. All RTD’s must be filed on time via the Revenue Online System (ROS) to avoid the negative consequences such as:
- denial of tax clearance certificate
- refusal of tax repayment - when a business files a claim for a repayment or refund of tax under any tax head and there is an outstanding VAT RTD with a due date within the previous 12 months, then that repayment or refund will be automatically withheld. The outstanding VAT RTD will be notified to the customer in a 'Notice of Returns Outstanding' letter issued by the Collector-General.
- increase in the Relevant Contracts Tax (RCT) rate applicable to sub-contractors - Revenue have increased the RCT rate applicable to sub-contractors who have not filed their RTD and have also denied tax clearance in such cases. The increase in the RCT applicable to sub-contractors is having a detrimental effect on cash-flow if 20% or 35% of the gross payment is being withheld.
- There is a penalty of €1,520 for failing to comply.
What details are included in VAT RTD?
The RTD is a statistical return summarising actual sales and purchase figures, the VAT on which was included in the less detailed periodic VAT returns during the accounting period. The return gathers the information through four key questions:
- Have you made supplies of goods or services?
- Did you acquire any goods or services from the European Union, including Northern Ireland?
- Did you purchase goods or services for resale?
- Did you purchase goods or services that are not for resale but where VAT paid on them can be claimed as an input credit?
The fields on the return are completed using the net sales or purchase figures at the various VAT rates applicable to the relevant transactions. For example, the net total sales of goods and services supplied for question 1 would be broken down into the various VAT rate categories (9%, 13.5%, 23%, etc.) and included in the return based on the total for each rate.
Order RTD Return in 2 simple steps:
STEP 1:
Fill out the Order Form
STEP 2:
Pay for your Order
Return of Trading Details
€125
Proxima Tax Services Ltd
Unit 3G North Point House
North Point Business Park
Mallow Road, Cork
Ireland
info@proxima.ie
021 237 30 87
Company Registration No: 613314
Revenue Tax Agent No: 76472U
CRO Electronic Filing Agent No: 613314C
