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Sub-contractor payment question

  • 04-06-2013 3:37pm
    #1
    denis160
    Registered Users, Registered Users 2 Posts: 429 ✭✭


    Anyone know, if you have been taken on as a sub contract, can the principal contractor pay you weekly or fortnightly or is there some issue around that with revenue?
    thanks,
    D


Comments

  • #2
    Pudzianowski
    Registered Users, Registered Users 2 Posts: 99 ✭✭Pudzianowski


    D,

    I don't think there is any issue about the frequency of the payments, it's just anytime the principal pays you, they must first log on to ROS, enter the payment notification in the RCT section and they will then be instructed by ROS to make any deductions, pending your RCT rate.

    Pudz.


  • #3
    denis160
    Registered Users, Registered Users 2 Posts: 429 ✭✭denis160


    Cheers, thanks for that pudz, that was what I thought.
    D.


  • #4
    gabbytheking
    Registered Users, Registered Users 2 Posts: 87 ✭✭gabbytheking


    There is a bit of administration involved though. Maybe he just wants to pay less frequently to avoid the extra administration costs/time. Alot of these guys pay accountants that Charge about €50(Some cheaper some dearer) an RCT Payment. An extra €50 per week is alot to most builders these days! Its good to look at that side of it too. Now if it a monthly payment and wants to stretch it to bi-monthly well that could mean trouble with cash flow and I wouldn't be so forgiving!


  • #5
    Pudzianowski
    Registered Users, Registered Users 2 Posts: 99 ✭✭Pudzianowski


    gabbytheking wrote: »
    There is a bit of administration involved though. Maybe he just wants to pay less frequently to avoid the extra administration costs/time. Alot of these guys pay accountants that Charge about €50(Some cheaper some dearer) an RCT Payment. An extra €50 per week is alot to most builders these days! Its good to look at that side of it too. Now if it a monthly payment and wants to stretch it to bi-monthly well that could mean trouble with cash flow and I wouldn't be so forgiving!

    €50 a transaction sounds savage, you'd put a payment notification through on ros, as quick as you'd pay your phone, esb, etc.... I must try and go into it full time!!


  • #6
    gabbytheking
    Registered Users, Registered Users 2 Posts: 87 ✭✭gabbytheking


    Pudzianowski wrote: »
    €50 a transaction sounds savage, you'd put a payment notification through on ros, as quick as you'd pay your phone, esb, etc.... I must try and go into it full time!!

    Ah generally speaking your looking at 1/2 hour at an average of €80 per hour for your general senior/manager. If you think of it about 10 minutes taking the phone call passing all the information. Then 10 minutes putting it through on ROS then 10 minutes getting the information to the client. Some times with an organised client that has tax numbers etc ready and an e-mail to send the notification it takes 20 minutes. If you have to enclose it in the post and the client is disorganized your looking at 40+ minutes. You won't make a whole pile out of it, if you think of it you have professional indemnity insurance, tax and overheads your probably looking at a net gain of €20 per hour 40%. Your average qualified 38k accountant costs €22 per chargeable hour meaning at 40mins your actually probably running at a small €8 gain(If the bill is PAID). If done legally and correctly its rare that money is made off those small adhoc jobs the target is to break even and make some money on accounts/audits and tax returns.


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