Relevant Contracts Tax (RCT)


Who should attend this course?

Anyone engaged in a relevant contract as a Principal or Subcontractor should attend this course. Staff responsible for making payment on a relevant contract. Anyone that is responsible for accounting for RCT and wants to gain a better understanding of how to do this and reconcile their RCT records.

CPD Hours:   7hrs


What will be covered on the day?

  • Who is a Principal Contractor?
  • Identifying who is a sub-contractor -v- who is an employee
  • What is a relevant contract?
  • Registration as a Principal Contractor/Subcontractor
  • Online Registration of contracts by Principal Contractors
  • Registration of Site Identification Numbers and inputting a new relevant contract
  • 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 rates – why certain rates are applied and can these be appealed or changed?
  • Potential consequences of not deduction the correct tax and/or not informing Revenue of a payment being made to a sub-contractor
  • What payments are subject to RCT and what payments are not subject to RCT?
  • Multiple contracts
  • Accounting for Relevant Contracts Tax – common problematic areas experienced by accounts administrator when recorded RCT deductions
  • Tax clearance – why is this important
  • Records, Revenue Audits and Penalties