Introduction – Pay As You Earn (PAYE) system The Pay As You Earn (PAYE) system is a method of tax deduction under which an employer calculates and deducts any income tax due each time a payment of wages, salary etc. is made to an employee. In addition, employers are obliged to calculate and deduct any … Continued
Introduction – Pay As You Earn (PAYE) system The Pay As You Earn (PAYE) system is a method of tax deduction under which an employer calculates and deducts any income tax due each time a payment of wages, salary etc. is made to an employee. In addition, employers are obliged to calculate and deduct any … Continued
Introduction – Pay As You Earn (PAYE) system The Pay As You Earn (PAYE) system is a method of tax deduction under which an employer calculates and deducts any income tax due each time a payment of wages, salary etc. is made to an employee. In addition, employers are obliged to calculate and deduct any … Continued
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The VAT reverse charge system applies to principal contractors and sub-contractors involved in construction operations to which Relevant Contracts Tax (RCT) applies (but excluding haulage for hire). The charge the sub-contractor makes to a principal contractor does not include VAT. Instead the principal contractor calculates the VAT (current rate 13.5%) on the amount charged by the … Continued
1. General A VAT-registered person must keep full and true records of all business transactions. The records must be kept up to date and must be sufficiently detailed to enable a trader to accurately calculate liability and also to enable Revenue to verify the veracity of the underlying transactions if necessary. Advice on record-keeping is … Continued
Some construction contracts include the supply and installation of fittings including floor coverings that are not stuck down over their entire surfaces and light fittings that are not recessed. Are these supplies and fittings subject to the reverse charge? No. Supply and installation of fittings are not services within the scope of the reverse charge … Continued
The principal contractor accounts for the VAT on services rendered from a sub-contractor under what is known as the Reverse Charge. 1. The charge for services by the sub-contractor does not include VAT on the services. 2. The VAT registered sub-contractor issues an invoice to the principal, which shows all the information as it appears … Continued
Definition of Reverse Charge
Once a Contractor is appointed and prior to the commencement of the work request the Contractor to produce evidence from their Insurer/Insurance Broker that they have insurance in place in respect of the work being undertaken and that such insurance will remain in place for the duration of the Contract. The minimum cover a Contractor … Continued
