Overview |
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We have introduced the Relevant Contract Tax (RCT) for Ireland business and Construction Industry Scheme (CIS) for the UK business in Surf Accounts. When a principal enters into a relevant contract with the subcontractor, RCT is applicable to both resident and non-resident contractors operating mainly in the construction, forestry and meat processing unit. |
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Under this scheme, when a subcontractor bills their customer (the Principal, or Main Contractor), they get paid part of the total. The remainder is considered paid, but is in fact retained by the customer to pay tax on behalf of the subcontractor. Both parties record this fact on their VAT return. |
Getting Started with RCT for IE Business and CIS for UK Business |
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Before you implement RCT or CIS in Surf Accounts for your business, we recommend you go through the Getting Started guide. Please note, RCT is not applicable to the professional such as architectures, surveyors etc. |
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