The new electronic RCT system is now live and basic details from approx. 165,000 contracts were uploaded from Revenue's records during December. Principal contractors can access the system to check and update the contract details for their subcontractors that Revenue have pre-populated.

Where a principal enters into a relevant contract with a subcontractor, he/she ìs obliged to provide Revenue with details of the contract online, including a declaration that the contract being entered into is not a contract of employment. Principals can also notify Revenue of contracts online in the new system.

The new electronic system is mandatory since 1 January 2012 and principals not yet registered for ROS (Revenue Online Service) should register as soon as possible.

Further details on the new RCT system and available on the Revenue website http://www.revenue.ie/en/tax/rct/rct-changes-2011.html