(RCT) Relevant Contracts Tax
One-Day Training Course
Including Finance Act 2018 Updates
Date: 22nd February 2021
Approved for 3hr CPD by the IOB (Institute of Banking)
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 a full course pack, and will receive expert guidance from our course trainer, who specialises in RCT with over 20 years tax experience, and a former Revenue Auditor. All attendees will also gain structured CPD hours on completion of the course.
Who is a Principal Contractor, sub-contractor and who is an employee?
What are relevant operations?
What is a relevant contract?
Registration as a Principal Contractor (if not already registered)
Online Registration of contracts by Principal Contractors
Online pre-approval of payments in respect of services
Site Identifier Number (SIN)
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 of 3 possible rates of RCT from 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?
Why C2s are no longer relevant
Tax clearance procedures for Public Sector contracts
Records, Revenue Audits and Penalties
Alan Kilmartin, Tax Director, Deloitte
Alan is a Tax Director with Deloitte specialising in VAT and Relevant Contracts Tax. Prior to joining Deloitte he worked for the Irish Revenue Commissioners as a tax auditor. He has over 20 years tax experience dealing with a wide variety of industries and has provided Indirect Tax (VAT) and Relevant Contracts Tax (RCT) consultancy and compliance services to clients in a number of sectors specialising in construction, renewable energy, exploration and related fields. He advises on the impact of both Irish and foreign VAT on transactions, together with reviewing contracts and structures to identify potential VAT/RCT pitfalls, opportunities to minimise costs and maximise recoveries.
As a former Irish Revenue Auditor, Alan holds a Diploma in Applied Taxation from University College Limerick/Revenue. He is a member of both the Accounting Technicians Ireland and the Irish Taxation Institute. He has lectured on Relevant Contracts Tax for Chartered Accountants Ireland and the Irish Taxation Institute and written various VAT/RCT related articles for Irish Tax Review (ITI technical publication). Alan also leads the Deloitte Ireland publication ‘Indirect Tax Matters’ which provides insights on topical VAT and RCT issues.
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
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 procedures which apply to Public Sector contracts
CERTIFICATION & CMG MASTERCLASS CERT
On completion of this one-day training course, you will receive your CMG MasterClass Certificate of Attendance in Relevant Contracts Tax. Please note certificates are issued at the close of the training course to participants on completion of the course. You will also receive a full Relevant Contracts Tax course pack to refer back to at any time in the future. Please check directly with your association or awarding body to see how many points they will award.
WHEN AND WHERE?
Date: 22nd Feb 2021
Times: 9.30am to 3.30pm
An ‘Early Bird’ discounted rate of €425 is currently available. This training course normal rate is €525. 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, Relevant Contracts Tax – Training Course pack and certificates.
CMG work with a number of Skillnet Ireland Learning Networks, please get in touch with your local network for funding opportunities.
BOOK YOUR PLACE
PHONE - Contact the CMG Training Team on 01-2933650 to secure your place
Places are limited and are allocated on a first come first served basis.