Relevant Contracts Tax (RCT) is a withholding tax aimed at ensuring that those working in certain sectors are tax compliant. Relevant Contracts Tax is a complex area, it can be a detailed and laborious process with many unclear areas, and misdemeanours in this space can be extremely costly.

This one-day course will look to provide clear and direct guidance on RCT, including who is defined as a “principal” contractor, registration and what are your RCT and VAT obligations. We will show how to self-account for VAT, what payments are subject to RCT, dealing with multiple contracts, and we will also clarify tax clearance procedures for public sector contracts.

All attendees will receive expert guidance from our course trainer, who specialises in RCT/VAT with over 20 years tax experience and is a former Revenue Auditor.

Course Content

• The RCT Journey – Contract notification to payment stage
• Handling RCT for Public vs Private organisations
• Who is a Principal Contractor, sub-contractor and who is an employee? Define the differences
• What are relevant operations?
• What is a relevant contract?
• Exceptions to RCT. Repair and maintenance advice
• Registration as a Principal and Sub-Contractor
• Non-resident Sub-contractors
• Online Registration of contracts by Principal Contractors
• What are the RCT and VAT obligations for Principal Contractors?
• Online pre-approval of payments in respect of services
• Creating a Site Identifier Number (SIN)
• VAT Thresholds
• VAT Invoicing – the reverse charge system - How VAT is applied to RCT payments
• How to self-account for VAT on the reverse charge basis - When VAT should and should not be accounted for
• When should VAT be charged by the supplier?
• Possible RCT Deduction rates
• Deduction of RCT from payments to sub-contractors
• What happens if RCT is not deducted?
• What payments are and are not subject to RCT?
• How to record RCT withheld
• How to reflect RCT in the balance sheet and reconcile
• Challenges with multiple contracts
• Are C2s still relevant?
• Tax clearance measures for Public Sector contracts
• Record keeping for Revenue Audits and typical Penalties
• What should be retained and for how long?

Who Should Attend

This course will be greatly beneficial to you if you are:

• Responsible for engaging contractors to carry out services
• Unsure what services are liable to RCT
• Responsible for making payments to contractors in respect of services
• Responsible for the operation of RCT and withholding tax
• You are required to pay retention money in respect of previously completed works
• Unsure how to account for VAT on the reverse charge basis on services
• Unsure of tax clearance and withholding tax procedures which apply to Public Sector contracts

Typical attendees include – Accountants, Accounts Admin, Payroll Officers, Credit Controllers, Financial Controllers, Financial Officers and Purchasing/Procurement personnel to name a few.

Certification

On completion of this one-day training course, you will receive your Certificate of Attendance. Please note certificates are issued at the close of the training course to participants on completion of the course.

This course may qualify for CPD points. Please check directly with your association or awarding body to see how many points they will award.

Approved for 3hr CPD by the IOB (Institute of Banking)

Cost

An ‘Early Bird’ discounted rate of €495 is currently available. This training course normal rate is €595. Places are limited and are allocated on a first come first served basis. PLEASE NOTE THE EARLY BIRD RATE CLOSES 3 WEEKS PRIOR TO COURSE DATE. The course cost includes all course documentation and Certificate of Attendance.