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Irish Revenue Assistances to SMEs in Overcoming COVID-19

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Irish Revenue Assistances to SMEs  in Overcoming COVID-19

On April 2, 2020, Revenue had updated the outlined key advises and actions to assist Small and Medium Enterprises business in Ireland experiencing cashflow and trading difficulties from the impact due by COVID-19.

Temporary Wage Subsidy Scheme

This scheme had enables employees whose employer had been affected by the pandemic to receive significant supports from their employer through payroll system. This scheme will be expected to be in active for next 12 weeks starting from March 26,2020. A total up to maximum of € 410 per each qualifying employee per week will be refunded to the employer under this scheme.

Any agents or the employer who wish to register the scheme can apply to the revenue with carrying the steps as followings:
  • Log in to ROS MyEnquiries and select ‘Covid-19: Temporary Wage Subsidy’.
  • Read the “Covid-19: Temporary Wage Subsidy Self-Declaration” and press ‘Submit’
  • Ensure bank account details on Revenue record are correct so that the refund could be made.

2. Filing Tax Returns

All taxpayers (individuals and businesses) should sent in all of it’s tax return on time however, payment is not immediately possible for those who is facing cashflow difficulties.
If the Company had been facing key personnel are unavailable to compute the tax return, they shall still file the “best estimates” for the year. Any subsequent amendments could be completed on a self- correction basis with no further consequences.

3. Interest on late payment

Any surcharge interest due to late payment of January / February VAT, March/April VAT, February to April Employer PAYE liability, Corporate Tax returns (CT1) along with iXBRL financial statements (if applicable) due submitting by March 23,2020 are suspended until further notice by the revenue.

4. Tax Payment Channel and Debt Enforcement

A various of Tax Payment Channel had been in light to assist the taxpayers to make their payment easier to the Revenue also, Debt enforcement activities will not be initiate until further notice.
Businesses can also apply for a Phased Payment Arrangement online through MyEnquiries / My Account or by using Revenue’s Online Phased Payment Facility which is accessible through ROS.

5. Tax Clearance

Companies who holds Tax Clearance Certificate will be remain in active over the coming months.

6. Information for subcontractors

The original proposed Relevant Contract Tax (RCT) rate schedule and compliance to eRCT system and determines their correct RCT deduction rate had been suspended.

Subcontractor and its agent are being reminded to manage RCT rate review via ROS. If, RCT rate shall be rate at a lower level, taxpayers should then use the ‘self-review’ to get the lower rate.

7. Professional Services Withholding Tax (PSWT)

To accelerate the refunds of PSWT, Irish revenue had addition extra channel for all tax refundable companies. These entities are available to claimed the refunds via MyEnquiries where legible copies of F45 and F50 are attached.

8. Expedite payment of 2020’s instalments of excess Research and Development Tax Credit

In the previous year of the year 2020, the Entity which is have excess R&D tax credit, which had requested to be payable by Revenue will be bring forward in advance of the date provided by the Taxes Consolidation Act 1997.

The request of the payment of any instalments of excess R&D payable in year 2020 shall be done through MyEnquiries. To enable payment of the excess credits, the form CT1 for the company’s accounting period ending in 2019 must, at the time of the request, be submitted.

9. Compliance Interventions

All Audit and other compliance by businesses on taxpayers will be suspended until further notice. If there is any needs to finalised the open intervention, the Revenue will be contacting the Taxpayers via MyEnquiries or by Telephone.

If you wish to obtain more information or assistance, please visit the official website of Kaizen CPA Limited at www.kaizencpa.com or contact us through the following and talk to our professionals:

Email: info@kaizencpa.com
Tel: +852 2341 1444
Mobile : +852 5616 4140, +86 152 1943 4614
WhatsApp/ Line/ WeChat: +852 5616 4140
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