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Claiming back RCT

  • 06-04-2020 9:38am
    #1
    paddylonglegs
    Registered Users, Registered Users 2 Posts: 3,558 ✭✭✭


    Hello All,

    I paid a high rate of RCT last year as i completed alot of work for principal contractors.

    Thankfully my rate has now been reduced and I have applied for an RCT refund.

    Talking to my accountant during the week, it took them a year to get another clients RCT refund. This is a very long time to wait and very disappointing if its true as i would have relied on this to fund furture projects.

    Has anyone else or anyone you know had to apply for an RCT refund and how long did it take in their experience?

    Thanks


Comments

  • #2
    MyTax Ireland
    Registered Users, Registered Users 2 Posts: 30 ✭MyTax Ireland


    paddylonglegs wrote: »
    Hello All,

    I paid a high rate of RCT last year as i completed alot of work for principal contractors.

    Thankfully my rate has now been reduced and I have applied for an RCT refund.

    Talking to my accountant during the week, it took them a year to get another clients RCT refund. This is a very long time to wait and very disappointing if its true as i would have relied on this to fund furture projects.

    Has anyone else or anyone you know had to apply for an RCT refund and how long did it take in their experience?

    Thanks

    Hi Paddylonglegs,

    I've worked with RCT clients and generally it wouldn't take a year, unless their was some specific problem or issue. On average it would have only taken 2 to 3 weeks (pre-corona virus time).

    Stating the obvious here, but you're going to have an income tax liability for 2019 so worth bearing that in mind before extracting those funds. Assuming you were on a 35% RCT rate, it may be your first time falling into self-assessment, so you will need to also pay 2020 preliminary tax ontop of your 2019 liability.

    Thanks,
    My-tax.ie


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