CIS & RCT tax retention
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Construction Industry Scheme (CIS) for UK Business. Relevant Contract Tax (RCT) for Irish Business.
Construction Industry Scheme (CIS) for UK Business. Relevant Contract Tax (RCT) for Irish Business.
CIS & RCT tax retention enables the functionality needed to be able to handle forms of retention tax on work performed by subcontractors (CIS - Construction Industry Scheme for UK, and RCT - Relevant Contract Tax for Ireland) performing services. The app has functionality to calculate, withhold, post, and report the withheld amounts according to the needs per subcontrator.
The purpose of the schemes is designed to withhold tax that applies to certain payments by principal contractors to subcontractors, thus on vendor level in Microsoft Dynamics 365 Business Central.
The rates vary across states and legislations and can be adjusted on a detailed level using the CIS & RCT tax retention app.