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Cash Receipts Basis Company - VAT RTD

  • 23-04-2019 07:42PM
    #1
    phantom60
    Registered Users, Registered Users 2 Posts: 199 ✭✭


    Hi,
    I can't find any definitive answer so hoping somebody here can shed some light.
    I need to do a 2018 VAT RTD for my company and I'm unsure what figures go in the column for Supplies of Goods and Services.
    If I account for VAT on a Cash Receipts basis do I include the figure for sales invoices issued during 2018 or the figure for payments received in 2018 ?
    E.g. I've issued some sales invoices in 2018 which weren't paid until 2019 so do I include these or not as I account for VAT on a Cash Receipts basis?

    Any pointers appreciated.


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    The VAT RTD should mirror the basis on which the periodic VAT returns were submitted during the year. So if the VAT returns for the year were prepared on a CR basis then so should the RTD. In that case invoices issued in 18 but paid in 19 would not go on the VAT returns in 2018 as they were not paid in 18, and hence not in the 18 RTD either.


  • #3
    phantom60
    Registered Users, Registered Users 2 Posts: 199 ✭✭phantom60


    Stratvs wrote: »
    The VAT RTD should mirror the basis on which the periodic VAT returns were submitted during the year. So if the VAT returns for the year were prepared on a CR basis then so should the RTD. In that case invoices issued in 18 but paid in 19 would not go on the VAT returns in 2018 as they were not paid in 18, and hence not in the 18 RTD either.

    Thanks so much. Appreciate your help :)


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