The construction sector is an area Revenue continue to focus on and an increase in compliance interventions and on-site visits can be expected.
To get ahead of any potential letter or visit from Revenue you should review your tax affairs with a focus on the following areas:
Correct operation of the reverse charge
Revenue has highlighted issues / failures encountered in the operation of the reverse charge and will be paying particular attention to how the VAT Reverse Charge is being operated. Penalties will be applied where appropriate.
Checks on the payments of country money without deduction of PAYE/PRSI/USC to ensure they meet the criteria set out by Revenue.
Operation of Relevant Contracts Tax (RCT)
The eRCT system gives Revenue access to real time data on activity in the construction sector. Revenue is using this data to identify cases where RCT is not being operated correctly as part of their selection of cases for intervention.
For an independent review of your tax compliance or information on this contact:
Tracey O’Leary ACA – 021 4628188 – firstname.lastname@example.org