Principal contractors for Relevant Contracts Tax (RCT) purposes must comply with the RCT Rules and Regulations and deduct RCT from payments made to subcontractors as required. Principal Contractors must also account for the VAT due on construction operations directly to Revenue. 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?
- Are you required to pay retention money in respect of previously completed construction work?
- Do you know how to account for VAT on the reverse charge basis on construction services?
- Are you aware of the tax clearance procedures which apply to Public Sector contracts?
If so, this is the course for you!
What is covered on the day?
- Who is a Principal Contractor?
- 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
- Site Identifier Numb er (SIN)
- What are the RCT and VAT obligations of Principal Contractors?
- How to self account for VAT on the reverse charge basis
- 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?
- Multiple contracts
- Why C2s are no longer relevant
- Tax clearance procedures for Public Sector contracts
- Records, Revenue Audits and Penalties
- Question and Answer Session
Benefits of attending:
- An opportunity to put your questions to a taxation consultant who specialises in this area
- Small groups to allow time for individual attention and queries
- A detailed handout is supplied to each delegate - an invaluable reference document
- 30 day free telephone helpline service following date of course
The course is delivered by Chartered Tax Advisors, 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; 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.
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