Galway Accountants GBS & Co notify Principal Contractors of the normalisation of the ERCT system.
When the eRCT system was launched in January 2012 a conversion process was undertaken to populate the system with contract details that were ongoing at that time. Principal Contractors are reminded that those converted contracts were given a system end date of 25/12/2012. If any of these contracts are still active and will be ongoing into 2013, the contract end date must be extended to reflect this. The contract value will also need to be increased where appropriate. In addition, all contracts should be reviewed to ensure the end date is correct and any that have ceased should be updated accordingly.
Subcontractors and RCT Credit
Subcontractors are reminded that any Payment Notification credit remaining in the 2012 period cannot be refunded until such time as the Income Tax or Corporation Tax return pertaining to the Relevant Basis Period has been filed. Once this return has been filed, the available Payment Notification credit will be offset to any declarations or outstanding liabilities, in that order. Once this has taken place, any remaining Payment Notification credit will be automatically refunded.
any queries to Ciaran Guilfoyle of GBS & Co www.easypayroll.ie