Welcome to Relevant Contracts Tax – the rules and administration of RCT in Ireland
This is an interesting and incredibly important course covering the topic of Relevant Contract Tax (RCT) in Ireland. Arguably, one of those taxes that seems to leave people confused over when to operate it, how to operate it and what does it even apply to?!
At Clever Burdy, we love RCT. It is one of those taxes that is actually quite black and white. The rules are clear and its operation even more so. We have designed this course to break RCT down to plain English for all levels. We also went one step further and we will guide you in the bookkeeping and accounting part of RCT which is one of the most important steps in the RCT journey that is rarely documented. This is what separates the novice from the pro.
With our vast experience in operating RCT and looking after the accounting element, let Clever Burdy make you fluent in all things RCT.
Areas covered in the course:
• An introduction to the concept of RCT as we know it now
• Who is a Principal Contractor?
• Who is a Sub-contractor?
• Sub-contractor versus employee – what does this mean?
• What is a relevant contract?
• The registration process for the Principal and Sub-contractor
• VAT thresholds
• Non-resident Sub-contractors
• VAT rates and the construction industry
• VAT invoicing – the reverse-charge system
• Government bodies, local authorities and Public Bodies – what does RCT mean to them?
• RCT rates of deduction
• The RCT journey – contract notification to payment stage
• Generating a Site Identifier Number (SIN)
• Viewing RCT records and amending if required
• Tax clearance and Public Sector Contracts
• Revenue compliance for RCT
• Penalties for non-compliance – how this is calculated
• Accounting for RCT
• Comparing ROS records to your accounts
• How to record invoices received under RCT
• How to record RCT withheld
• How to reflect RCT in the balance sheet and reconcile
• Records – what should be retained and for how long?
Frequently Asked Questions (FAQs)
Why should you do this course?
If you are a bookkeeper, accountant, accounts administrator or a business owner that is involved in a “Relevant Contract” then this is the course for you. It is the ideal course for anyone that needs a refresher in their tax skills or wants to have an edge if they are seeking employment. This course is designed for both professionals and absolute tax novices.
Who is this course for?
This bespoke course is for business owners, directors, accountants, bookkeepers or anyone with an interest in learning about the rules, operation and administration of RCT in Ireland and to learn how to correctly account for it regardless of what accounting package you use. It serves as a vital refresher course and also caters to those looking to expand their knowledge on a vital tax heading. Ideal for anyone looking for a career shake up as it will give you an edge over your competition! Our courses tick all those tax vocational boxes.
What will you learn?
This course will teach you the A to Z of Relevant Contracts Tax (RCT) to enable you to navigate this interesting tax and its rules with ultimate ease. It will also give you a unique perspective on how to account for RCT and this is the part that catches most people out.
Will you gain any CPD accredited hours?
Yes! All our courses are CPD accredited and you will earn 7 CPD hours on completion of this course in relation to tax and accounting vocational learning and development .
How long will it take to complete this course?
This course takes approx 3.5hrs online viewing time plus allow at least 1.5hrs to complete the self-assessment quiz after each module. You will receive an invaluable bespoke manual to download which will expand on anything covered in this course and to act as an invaluable reference.
Are Clever Burdy courses tax deductible?
If you purchased your course to enhance your knowledge (or a team member’s knowledge) on tax so that it will ultimately benefit or further your business then this course can be fully claimed as a tax deductible business expense.
Can you only view your course once?
You will have uninterrupted access to your course for 6 months / 180 days from date of purchase and you can access your course and re-watch it as many times as you want or need in this period. That is our gift to you!
Tax sometimes changes so will you be kept informed of anything that affects course content?
At Clever Burdy we are super aware that an element of tax could change overnight that may be contradictory to something mentioned in your course. We keep on top of any changes and issue any updates notes to highlight anything you should note in your manual. We also try to edit in changes when possible to do so and we try to record our courses once a year to keep your tax learning fresh, up to date and most importantly……..correct!