Enhanced Return Of Trading Details Report

We have redesigned VAT Return of Trading Details (RTD) for Irish businesses (the business should be registered in Ireland). Irish Business needs to furnish VAT Return of Trading Detail Report to the Revenue Department annually. Surf Accounts RTD report matches exactly the with the RTD format provided by the Revenue department in their website. We have designed the Return of Trading report as a one click solution for the user dynamically deduce the Return of values accurately at any point of time of the accounting period, thus reducing the calculation of overhead of accountants.

Surf Accounts will now allow you to generate a Report of Trading Details for purchases for resale to be reported separately to other purchase as per Revenue guidelines.

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  • VAT set up for Return of Trading Report:

Irish Businesses are required to submit Return of Trading Details Report to Irish Revenue Department annually. The RTD report designed by Surf Accounts facilitates user to generate auto calculated report ready for submission. The transactions included in the report depend on the following criteria.

  • The basis of VAT Calculation: Cash or Invoice.
  • The nominal codes defined as goods or service for resale.
  • The country of the trading customer/ supplier (depending on EU, non-EU, or Irish Country, the value of the return will accordingly appear in specific cell of the RTD).
  • VAT Period: Return of Trading Details report will consider only those transactions where the VAT period is set within a year only. For e.g. transactions within a VAT period of January 2016 to December 2016 will be calculated in the new RTD report. If the VAT period set up is December 2016- March 2017, RTD report will not be generated. Going forward if the VAT period is set within March 2017 to December 2017, all the transactions will be calculated in the RTD Report from March 2017 onwards.

If the VAT period includes two consecutive years for e.g. 2016-2017, the transactions will not appear on the RTD Report.   

Before you start the business transactions, make sure that you have set up VAT basis of calculations. To set up the VAT Basis of your business, go to Settings and then select Accounts >Setup the following screen will appear.

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As you set up VAT basis, please note that Surf Accounts provides a set of default VAT rates within each business for users to apply with a specific purpose. Go to VAT setting option to view the available VAT rates.

The VAT Rate X implies exempted from VAT. While adding customer and suppliers in a business, set the default VAT rate as X (which means this customer is exempted from VAT rate, so the net VAT rate applicable is Zero percent) if you are sure about the exemption.

The VAT Rate N means non VAT-able. If products or customers / suppliers are non-VAT-able for the particular customer/ supplier select the VAT Rate as N.

The VAT Rate Z means zero VAT. Select this VAT if the VAT rate is zero.

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Add the customer and suppliers in your business and specify their country of Trade and default VAT code of trade. The country of trade for customers / suppliers are important for the business as it defines your VAT return policies on sales, purchase and release of goods and services.

The following example is the  illustration how RTD reflects its value in the respective cells:

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The values appearing in the cells are rounded and net amount. The following chart explains the sources of values appearing in the report.

  • Supplies of Goods and/ or Service: When the RTD report is generated, including both summary and detail for a particular VAT period the supplies of Goods and/ or Services column will appear. 
  • €Values Excluding VAT: The amount of VAT, excluding will appear in the following boxes. 
  • Exempt: This field determines the sales with the “Exempt for VAT” rate, i.e. X VAT rate, which includes the Non-EU Sales.  
  • 0% Exp: This field determines non- IE sales with a 0% VAT rate, excluding “Exempt from VAT” (X) and Non- VAT able (N VAT rate) which includes Non EU sales. 
  • 0% Home: This field determines IE sales with a 0% VAT rate, including “Exempt from VAT” (X) and Non-VAT-able (N).  
  • 13.50% : This field determines IE sales with a 13% reduced VAT rate. 
  • 23.00%: This field determines IE sales with a standard VAT rate of 23%. 
  • Total: The total amount of VAT under Supplies of Goods and/or Services will be shown in this field. 
 
Acquisition from the European Union, including Northern Ireland (AEU)

As per Revenue we have introduced “Acquisition from the European Union, including Northern Ireland (AEU)” which relates to goods supplied by a business in one EU Member State to a business in another Member State where the goods have been dispatched or transported from the territory of one Member State to another. This is also applicable for the service provided by one Member of the State to any other Member State. 

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  • Exempt (A): This field determines the purchases with ‘Resale’ including the “Exempt from VAT” rate. 
  • 0% Home (B): This field determines the purchases from EU with a 0% VAT rate, excluding “Exempt from VAT (X)” which excludes Ireland. 
  • 11.00% (C): This field determines the purchase from EU with a user define VAT rate which excludes Ireland. 
  • 13.50% (D): This field determines the purchases from EU with a 13.50% reduced VAT rate which excludes Ireland. 
  • 23.00% (E): This field determines the purchases from EU with a 23.00% standard VAT rate which excludes Ireland. 
  • Total (F): The total amount of VAT in Acquisitions from the European Union, including Northern Ireland. 
 

Goods or Services Purchased for Resale (Irish or Intra-EU acquisition & Non-EU Imports)

As per Revenue we have introduced Goods or Services Purchased for Resale (Irish or Intra-EU acquisition & Non-EU Imports) which relates to resale goods or service to IE, EU, Non-EU countries.
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  • Exempt (A): This field determines the purchase with ‘Resale’ nominal code and the “Exempt from VAT” rate. 
  • 0% Home (B): This field determines the purchase with ‘Resale’ nominal code and a 0% VAT rate excluding “Exempt from VAT” (X VAT code) and “Non-vattable” (N VAT code). 
  • 13.50% (C): This filed determines the purchase with ‘Resale’ nominal code excluding non-zero VAT Rates. 
  • Total (D): This field determines the total VAT amount of all the fields for Goods or Service purchased for resale. 
 

Other Deductible Goods and Services (Irish or Intra-EU acquisition & Non-EU Imports) (ODGS): 

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  • Exempt (A): This field determines the purchase with non- ‘Resale’ nominal code and the “Exempt from VAT” rate (normally X). 
  • 0% Home (B): This field determines the purchase with non-‘Resale’ nominal code and a 0% VAT rate, excluding “Exempt from VAT” (X VAT code) and “Non-vattable” (N VAT code). 
  • 13.50% (C): This filed determines the purchase with non- ‘Resale’ nominal code excluding non-zero VAT Rates. 
  • Total (D): This field determines the total VAT amount of all the fields for Goods or Service purchased for non- resale. 
 

Return of Trading Details Report: 

Return of Trading Details Report will generate a complete report on Goods and / or Services, Acquisitions from the European Union including Northern Ireland, Goods and Services Purchased for Resale (Irish or Intra-EU acquisition & Non-EU imports), Other Deductible Goods and Services (Irish or Intra-EU Acquisitions & Non-EU imports). The following fields will appear on the details report.

  • Doc No.: In RTD details report the Documnent Number will appear under the Doc. No column. 
  • Ref No.: Reference Number (if any) will appear under the Ref No. column. 
  • Type: The type can be Invoice/ Credit Note/ Payee. Depending on the transaction, the type will appear under the ‘Type’ column. 
  • Customer / Supplier code: The Customer/ Supplier code will appear under the Customer / Supplier Code. For e.g., customer code will appear  for Supplies of Goods and / or Services  and supplier code will appear for Acquisitions from the European Union, including Northern Ireland, Goods or Services Purchased for Resale (Irish or Intra-EU acquisitions & Non-EU Imports), Other Deductible Goods and Services (Irish or Intra-EU acquisitions & Non-EU Imports). 
  • Customer / Supplier / Payee Name: Depending on the type of the report the Customer/ Supplier or Payee name will appear on the RTD Details Report. 
  • VAT Code: The VAT code used during each transaction will appear on the VAT code column. 
  • Net: The net amount of the transaction will appear under the ‘Net’ column. 
  • VAT: The VAT amount of each transaction will appear under the ‘VAT’ column. 
  • Gross: The Gross amount of the transaction (i.e. Net +VAT) 
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