CIS & RCT Retention Tax
less than a minute
CIS & RCT app provides capabilities to handle forms of retention tax on work performed by subcontractors where you can calculate, retain, post, and report the retained amounts according to the needs per supplier.
• CIS - Construction Industry Scheme for UK - For a comprehensive understanding of subcontractor verification within the CIS scheme, refer to the official HMRC documentation: CIS340 - Subcontractor Verification.
• RCT - Relevant Contract Tax for Ireland
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 Business Central. The rates vary across states and legislations and can be adjusted on a detailed level using the retention tax app.
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