As the property market and building trade are continuing to flourish, it is opportune for businesses carrying out construction operations to remind themselves of the onus that Relevant Contracts Tax (RCT) and VAT impose on those operating in this sector.
In this article we cover:
- What is RCT?
- What are construction operations for RCT purposes?
- What are the penalties for non-compliance?
- Is there a quick guide available for principals to encourage compliance?
- Does RCT affect the VAT treatment?
- Do more lenient rules apply to non-resident contractors?
- How can Grant Thornton assist businesses to fulfil its obligations under RCT and VAT legislation?