Importance of filing Annual VAT RTD

All registered VAT traders are required by Regulation 24(1) of the VAT Regulations 2010 to submit an annual Return of Trader Details (VAT RTD) Form. It has recently been brought to our attention that Revenue Tax Clearance Certificates are not being issued as a result of non- filing of these returns. This can severely impact cash flow where public funded organisations require tax clearance certificates.

Non-compliance

At present, when a customer files a claim for repayment/refund of tax under any taxhead, a check for outstanding Returns for that customer is automatically initiated in the Revenue system. Repayments/refunds may be automatically withheld if the customer is found to be non-compliant. From mid- 2014, this automated compliance check will also incorporate an additional check for outstanding VAT Return of Trader Details.

To see how the Annual RTD in Sage 50 is reported, please read the article in our Knowledge Base here.