Attention for all Individuals and Companies registered for RCT
In April 2019, Revenue will be carrying out a Bulk Rate Review (BRR) of all principal contractors and subcontractors in the eRCT system. Revenue have stated that they will be issuing reminder letters to both principal contractors and subcontractors outlining their obligation to correctly operate RCT in advance of the BRR.
The BRR and the manual rate review will now take into account the taxpayer’s outstanding VAT return of trading details when determining the rate. Revenue have advised that a higher RCT deduction rate might apply where a taxpayer has outstanding VAT return of trading details.
Revenue have said that they will be writing to both principal contractors and sub-contractors, in advance of the BRR, who have had ten or more unreported payments in the previous 12 months. This letter will be accompanied by a summary sheet of RCT obligations to remind contractors of their obligation to correctly operate RCT.
All contractors should ensure that outstanding VAT returns are filed through ROS in advance of the BRR to ensure that this matter does not affect your rate determination.
Please contact us at firstname.lastname@example.org if you require any assistance with the above.