Relevant Contractors Tax Returns
All relevant contractors, both the principal contractors & subcontractors, who are engaged in Relevant Contracts within the construction industry must register for appropriate taxes in Ireland. This applies to both foreign and domestic companies/partnerships or sole traders who operate as either a principal contractors or a subcontractors.
The tax registrations that should be considered include:-
- Value Added Tax (VAT). All principals must register for VAT. All subcontractors with a turnover in excess of €37,500 in a 12 month period are obliged to register for VAT.
- Relevant Contracts Tax (RCT). Every contractor who enters into a relevant contract with a subcontractor is obliged to register as a principal contractor for RCT. Subcontractors, who are not already registered for RCT, will be automatically registered for RCT on foot of a contract notification from a principal contractor.
- Income Tax (IT) for individuals/partnerships or Corporation Tax (CT) for companies
- Employer Registration – (PREM). Pay As You Earn (PAYE),for employees, Pay Related Social Insurance, (PRSI) and Universal Social Charge (USC), if engaging employees
Payroll Matters can assist in both the registration process and also the ongoing filing of the relevant returns. Please contact us for more information.