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Grant Thornton Ireland has a team of over 100 tax professionals providing advice to a diverse range of clients, including sole traders, small and medium sized...
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The Irish real estate market has experienced considerable change in recent years. This has resulted in the emergence of a number of challenges for investors, but has also brought about significant opportunities. With this in mind, taxation is now more than ever one of the key factors for real estate investors when appraising investments, financing methods and development structuring.
As a principle contractor, are you ready for a potential Revenue Audit?
Contents
Relevant Contract Tax
Read our full publication
Key Administrative Steps
There are many responsibilities for principles to undertake to ensure they are fully compliant when operating RCT on payments to sub contractors. These steps to be undertaken by a principle to achieve compliance in the area as follows:
Register for RCT on Revenue's Online Service (ROS)
Notify Revenue of each contract (Contract Notification]
Create a Site Identifier Number (SIN)
Notify Revenue of the payment to be made to a sub-contractor (Payment Notification)
Await issuance of a Deduction Authorisation by the Revenue
Provide a copy of the Payment Notification Acknowledgement to the sub-contractor
Await receipt of the Deduction Summary at the end of each month and carefully review this Summary to ensure accuracy
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Authors
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Jarlath O'Keefe Jarlath has experience in a broad range of Indirect taxes and specialises in VAT. His portfolio includes listed multinationals together with large and medium sized companies. View ProfileFollow on LinkedIn -
Kevin Devenney Kevin joined Grant Thornton in 2014, having previously worked for a Big Four firm. He advised on all areas of VAT with a particular focus on the property and financial services sectors. He also advised various government bodies. View Profile -
Janette Maxwell Janette joined Grant Thornton in 2010 and is currently part of the Indirect Tax team. Her specialities include property transactions and cross border trade. She also has experience with transaction taxes. View ProfileFollow on LinkedIn