RCT rate review this month

Mar 09, 2020

A bulk rate review of subcontractors’ RCT rates is scheduled for 28 March. Revenue told us at a recent TALC Collection subcommittee meeting that approx. 16,000 letters will issue and around half of subcontractors may see their deduction rate increase under this bulk rate review.   

It is important to note that a rate increase can occur due to outstanding VAT returns which includes the VAT3 return and the VAT RTD (Return Trader Details) annual return. Subcontractors and agents can “self-review” the rate and deal with any outstanding tax returns/payments in advance of the bulk rate review. Revenue’s manual may be helpful.