Did you know that your school is now regarded by Revenue as a principal contractor for Relevant Contracts Tax (RCT) purposes and must comply with the RCT Rules and Regulations?
Did you know that if your school is in receipt of construction services it must register for VAT (if not already registered) and self-account for VAT directly to Revenue in respect of those services?
Failure to operate in accordance with the RCT regulations or account for VAT can result in significant penalties being imposed by Revenue, which could also result in publication as a tax defaulter.
Is this course for you?
- Are you responsible for engaging contractors to carry out construction services?
- Do you know what construction services are liable to RCT?
- Are you responsible for making payments to contractors in respect of construction services?
- Are you responsible for the operation of RCT?
- Do you know how to account for VAT on the reverse charge basis?
- Is your school required to pay retention money in respect of previously completed construction work?
- Are you aware of the tax clearance procedures which apply to Public Sector contracts?
- If so, this course is for you.
What is covered on the day?
This is a comprehensive 1 day training course on the operation of the RCT Regulations and why schools need to register as a principal contractor for RCT purposes and also register for VAT. This course will deal the following topics:
- Why are schools regarded as Principal Contractors?
- Who is a sub-contractor and who is an employee?
- What are relevant construction operations?
- What is a relevant contract?
- Registration as a principal contractor (if not already registered)
- Online Registration of contracts by principal contractors
- Online pre-approval of payments in respect of construction services
- What are the RCT and VAT obligations of Principal Contractors?
- How schools have to self-account for VAT on the reverse charge basis and what this means for them
- When VAT should and should not be accounted for on the reverse charge basis
- When should VAT be charged by the supplier?
- Deduction of 3 possible rates of RCT from payments to sub-contractors!
- What happens if RCT is not deducted?
- What payments are subject to RCT and what payments are not subject to RCT?
- Why C2s are no longer relevant
- Tax clearance procedures for Public Sector contracts
- Records, Revenue Audits and Penalties
- Question and Answer Session
The course is delivered by specialist tax consultants, who have unrivalled experience in the operation of Relevant Contracts Tax and the interaction of RCT and VAT.
Attendance at this seminar may qualify for 7 CPD/CPE hours for members of the Institute of Chartered Accountants in Ireland, the Association of Chartered Certified Accountants, the Institute of Certified Public Accountants in Ireland, the Irish Taxation Institute, the Law Society, the Accounting Technicians Ireland and other professional bodies.
Courses run from 10.00am - 4.30pm - tea/coffee on arrival. mid-morning & mid-afternoon and lunch will be provided.
10% discount for IPASS members.