Course overview
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 self-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.
This course will provide delegates with a thorough understanding of the RCT and reverse charge VAT obligations of principal contractors.
Study method
- Online
- Blended
- In-class
Duration study load
- 2 half days
Course features
- Participants will get the opportunity to put their 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 the course
Assessment
Due to the short nature of the courses, participants are not required to sit exams or complete assignments. Instead, they are encouraged to actively participate and engage to make the most of the interactive and supportive environment provided.
What do I get on successful completion?
Programme participants earn an IPASS Digital Credential, issued electronically on a secure platform, with a link that you can share to verify your credentials.
Your digital credential may be added to your LinkedIn profile to demonstrate your achievement to your network as well as recruiters and potential employers searching for individuals with your skills and experience.
Who's it for?
This course is highly beneficial for a range of professionals within the construction industry, particularly those associated with principal contractors. Key beneficiaries include:
- Anyone working in Accounts Payable for a principal contractor (e.g. public service body, construction businesses, manufacturers of construction materials, etc.)
- Accounts and Finance Department Staff: Individuals working in the accounts or finance departments of principal contractors will gain valuable insights and skills, enhancing their ability to manage financial operations effectively.
- RCT Administrators: Agents responsible for administering Relevant Contracts Tax (RCT) on behalf of principal contractors will benefit from in-depth knowledge and practical strategies to ensure accurate and efficient RCT management.
- Internal auditors employed by principal contractors
Subjects
- Who is a Principal Contractor?
- Who is a sub-contractor?
- What are relevant construction operations?
- What is a relevant contract?
- Registration as a Principal Contractor
- Registration of contracts by Principal Contractors
- Submission of Payment Notifications to Revenue
- Application of RCT to 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?
- Tax clearance procedures for Public Sector contracts
- Records and Penalties
- Operation of Reverse Charge VAT on construction operations
About IPASS - Irish Payroll Association
IPASS – Irish Payroll Association is Ireland’s premier provider of Payroll and VAT training and certification.
We specialise in training which covers the operation of PAYE, PRSI, the Universal Social Charge (USC), the operation of Employment Law and the operation of UK PAYE and NIC.
We also provide training in the operation of the Irish VAT system, Relevant Contracts Tax (Subcontractors Tax Regulations), Professional Services Withholding Tax (PSWT) and consultancy services in all of the areas covered by our training courses.
Our Payroll and VAT qualification courses are the only QQI ( Quality Qualifications Ireland ) accredited qualifications in these areas. We operate through a series of classroom-based courses, distance learning courses, online learning, in-house and 1-day courses which are run continuously throughout the year on a nationwide basis.
We represent a cross-section of payroll professionals and businesses from every sector of the economy and we are recognised by both the business community and Government Departments as the leading providers of information and education on payroll-related matters.
