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RCT applies to payments made by a principal contractor to a subcontractor under a relevant contract (this is a contract to carry out, or supply labour for the performance of relevant operations in the construction, forestry or meat processing industry, though can also apply to other types of industries). RCT applies to both resident and non-resident contractors operating in the construction, forestry or meat processing industry. If your business sub-contracts any type of work, you may have an obligation to withhold RCT from payments to contractors and notify Revenue of all contracts entered into and payments made.

How can we help?

We can assist you with all your RCT queries as part of our full range of services or as a separate service.

The following are a few of the RCT services we provide:

  • Complete RCT Registration
  • Advise on the scope of RCT and how it applies to your business
  • Operation of RCT procedures for your business, submission of contract details and submission of payment notifications to Revenue
  • Application to Revenue for the zero per cent rate of RCT for subcontractor
  • Provide RCT reviews or health-checks
  • Assisting with Revenue audits
  • Carry out pre-audit reviews

 

Following on from the increased activity in the construction sector in recent times we have seen a rise in requests for advice on and assistance with the operation of Relevant Contracts Tax (RCT) within their business.

The Relevant Contracts Tax system has been totally overhauled since 1st Jan 2012. Gone are the paper RCTDC forms that some would have been familiar with as the system is now fully electronic. The administrative obligations now placed on principal contractors are onerous and significant penalties can apply where these obligations are not met.

Read The 6 Key Steps In Complying With Relevant Contracts Tax

 

 

Help To Buy (HTB) Incentive

The HTB incentive has been introduced in Finance Act 2016 to assist first-time buyers with obtaining the deposit required to purchase or self-build a new house or apartment, which they wish to live in as their home. One of the conditions of this relief is that the contract for the purchase or self-build is entered into with a “qualifying contractor”.

Where qualifying residences are being sold, purchasers who have applied for the HTB scheme may only wish to enter into contracts with a qualifying contractor where they are relying on the HTB scheme to purchase the residence. Where you are building qualifying residences, obtaining qualifying contractor status in advance can assist in ensuring contracts can be entered into with HTB applicants in respect of those properties.

Read our Contractors FAQs Download for further information

We can help get you registered as a relevant contractor for the HTB scheme so that you are ready to enter into contracts with HTB claimants on properties you are developing.

 

For assistance with your RCT or any other matters please contact a member of our team.

Jane Jackson, Tax Manager, Dundalk

Mairead Rooney, Tax Manager, Balbriggan

 

Jane Jackson – Tax Manager, Dundalk

Contact Jane For General Enquiries

 

Mairead Rooney – Tax Manager, Balbriggan

Contact Mairead today