Relevant Contract Tax (RCT) for Irish Business and Construction Industry Scheme (CIS) for UK Business

Overview

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. 

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

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.    

•Setting Up RCT for Ireland Business
•Setting Up CIS for United Kingdom Business  

•Enable RCT for Customer from Contact Browse

•Enable RCT for Supplier from Contact Browse
•Enable CIS for Customer from the Contact Browse
•Enable CIS for Supplier from Contact Browse   
•New Nominal Code in Nominal Ledger
•Invoicing with RCT
•New RCT/ CIS Invoice Layout
•Posting of Receipt
•Posting of Payment
•VAT Return for Purchase
•VAT Return for Sales
•Reports 
Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.
Powered by Zendesk