The beginning of a new year brings with it many tax deadlines particularly for sole traders and companies with a 31st of December year end. Most tax payers are focused on the end of year PAYE returns and bi monthly VAT returns.  Very often the annual VAT Return of Trading Details (RTD) is overlooked by tax payers. The annual return is due to be filed within 23 days of the year end.  In line with other tax returns individuals and companies are generally required to file the return online via Revenue Online Services (ROS). The return provides a summary of the bi monthly VAT returns filed during the year and the filing of the return does not give rise to a liability.  Historically compliance rates in filing the return were lower than most other reporting requirements. It is extremely important that tax payers continue to file the return in order to ensure that tax refunds are issued as quickly as possible.  Tax refunds which provide vital cash flow for many businesses are being delayed until historical RTD returns are filed. Even though a liability does not arise from the filing of the return the return should be completed properly and given the due attention as discrepancies between the VAT returns and the RTD return could lead to aspect queries from Revenue or in exceptional cases could result in a VAT audit.

What Questions Do You Have?

We are happy to help. Please post your comment below or call Eamonn Madden, Tax Manager at Cooney Carey, on 01 677 9000. Alternatively, send him an email: emadden@cooneycarey.ie

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