Hi. Taking a look round the system and just wondered how it can produce an RTD report if there’s no where to specify if a purchase is used in the business or resold? Have I missed something? Thanks, Sam

Hi. Taking a look round the system and just wondered how it can produce an RTD report if there’s no where to specify if a purchase is used in the business or resold? Have I missed something? Thanks, Sam

1 answer

Peter Connor Staff February 3, 2016
Public

Hi,
There is no way to automate the VAT RTD. The best thing to do is export all your invoices/bills and filter by EU or out of Ireland. 

Then manually calculate the totals based on the filter. 
Hope that helps. 

Pete

#answer-2603
  1. Ok, thanks for the quick response.
  2. Peter Connor February 3, 2016
    No problem
  3. Just another question on RTD please Say I export all invoices as stated, will I be able to group by vat band? As you know, Revenue tediously require a full breakdown. I basically ended up stress testing Surfaccounts' online system last year and I ended up completely annoyed with them as I found flaws in their vat and rtd reporting. In the end they admitted that even though the rtd function is there, and no matter how accurate you are with the settings, it can't actually produce an rtd breakdown at all! I want to know that if I use Bullet, even if I do the RTD manually, I will be able to easily pull of the required info and break it down into the necessary bands. Please advise. Thanks.
  4. Peter Connor February 3, 2016
    Hi. I'm not sure about surf accounting and what they offer.
    The RTD return has been in law a long time but usually ignored.
    Revenue are focusing on it this year but have agreed it's a mess.
    We don't have a workflow for RTD. I doubt any product does.
    Invoices/Bills might contain multiple vat amounts. For example your phone line rental has a different vat rate to your calls but they're on the same bill.
    You can export all the bill/inv information. That export won't contain line item data, nor supplier country data (although that info is captured in the invoices and client data).
    So we suggest that you export bills/inv's and use a filter to group the clients/suppliers that call into the Vat RTD return category.
    From that you can look for those items using the search in Bullet and get the exact vat breakdown.
    Well add that data into the exports to make it easier over the coming weeks. But, we won't be building a workflow for VatRTD.
    Hope that helps.
  5. Thanks again. I'll do a test and see.
  6. I have a lot UK receipts from business trips and noticed that when I upload a receipt to Bullet, there is no option to select a country of purchase. That seems like it will be impossible to keep track of for an RTD report? Do you have any clients which manage that successfully? If so, how? Revenue may admit the RTD system is a mess but that doesn't stop you being flagged for an audit if their software picks up discrepancies between vat and rtd returns. Sorry to pester - it's because I do like the look of Bullet and would like to be able to use it. I just don't want to realise after 3 months of using it that it won't be enough.
  7. The only companies who do RTD are Sage50 and Sortmybooks, neither of which I want to use. I'm happy to use a system which doesn't have rtd reporting built in, but need to be able to extract the info easily.
  8. Peter Connor February 3, 2016
    Hi. I know. But your one of probably 100% of companies having this problem. So I don't think it will kick up an audit.
    What we have available is there now.
    We'll have a look at the receipts and include that in the review.
    We spent about 3mts working on a RTD workflow. But the lack of demand meant we dropped it. Building a report is the same effort as a return.
    But well work on making it easier. This is the first vat period in 5yrs where we're starting to get calls about it.
    Thanks for sticking with bullet. We're trying to make the RTD better.

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