RCT refund

12gaugedave

I got my accountant to file my 2015 tax return a few weeks ago. Iv been subcontracting for the whole period except 6 weeks paye. I received an income tax refund but no sign of the rct refund, so I rang the revenue and the lady on the phone told me I'd have to wait until June as my tax year is June to June. So basically what I'm asking is, was she right? My accountant says she's wrong and I should get my refund but I'm pretty clueless when it comes to this kind of thing. Can anyone put my mind at ease?

Lockedout2

Have a look at this
Revenue.ie/en/tax/rct/subcontractors-information-leaflet-august-2012.pdf

Is your year end 31.12.15 or 30.06.16?

12gaugedave

Lockedout2 wrote:

Is your year end 31.12.15 or 30.06.16?

It's 30.06.16. I started subcontracting in July 14 so I had my account file for 2014 last October and I received my refund before Christmas. As far as I know the refund I got was for June 14 to June 15. My accountant told me if I wanted I could file again around now and receive the rest of the refund for the last 6 months of 15. Would this be right?

Lockedout2

I think if you changed your year end to 31.12.15 the you could get the RCT back but not if you keep 30.06.16.

Why are you still having RCT withheld after 18 months?

12gaugedave

Lockedout2 wrote:

Why are you still having RCT withheld after 18 months?

I think it's because my year end is June. I received my refund up to June 15 and they wouldn't give me the rest until 16 so here I am and I still can't get it. I can't figure it out.

screamer

They are very slow to give rct refunds. We had simikar issues and when asked basically were told that they'd hold into the refundable amount and offset against next quarter....... best thing you can do is look for a zero percent rate.

barneystinson

12gaugedave wrote: »

I think it's because my year end is June. I received my refund up to June 15 and they wouldn't give me the rest until 16 so here I am and I still can't get it. I can't figure it out.

You can get your RCT back when you file the associated income tax return.

If your accounts year end was 31 December you wouldn't have ANY of your 2015 RCT back yet. The purpose of it is to make sure you can't walk away and leave a massive tax liability.

12gaugedave

barneystinson wrote:

You can get your RCT back when you file the associated income tax return.

barneystinson wrote:

If your accounts year end was 31 December you wouldn't have ANY of your 2015 RCT back yet. The purpose of it is to make sure you can't walk away and leave a massive tax liability.

My 2015 returns are done and submitted. 20% of my wages were taken at source and I'm well over payed so I don't get the problem. Sorry, I'm a pure green horn at all this.

Lockedout2

12gaugedave wrote: »

My 2015 returns are done and submitted. 20% of my wages were taken at source and I'm well over payed so I don't get the problem. Sorry, I'm a pure green horn at all this.

But why is 20% of your turnover being taken in RCT after 18 months, have you applied to be zero rated??

What is your profit and amount of RCT.

12gaugedave

Iv always just left it at that so when I invoice 20% is taken and I dnt have to put anymore away because it's gone straight to the revenue. I can't remember what my profit is but according to my accountant I'm over paid and due a refund of E2338.87. And no I havn't applied to be zero rated.