SME - Covid-19 Action Plan & Revenue Assistance

SME – COVID-19 ACTION PLAN & REVENUE ASSISTANCE

 

With the new measures and reliefs that have been introduced by the Government in response to this public health crisis, we have outlined some key points to assist with trading problems.

We hope that this will provide you with guidance during this period of uncertainty. 

Information for SMEs

 

Revenue announced measures earlier this week to businesses experiencing cash flow problems.

Revenue has provided the following updated advice which will further assist businesses that are experiencing trading difficulties caused by the impacts of COVID-19.

https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-130320-revenue-announce-measures-to-assist-smes-experiencing-cashflow-difficulties-arising-from-covid-19.aspx

  • Tax Returns: businesses experiencing temporary cash flow difficulties should continue to send in tax returns on time.
  • Application of Interest: the application of interest on late payments is suspended for January/February VAT and both February and March PAYE (Employers) liabilities.
  • Debt Enforcement: All debt enforcement activity is suspended until further notice.
  • Tax Clearance: current tax clearance status will remain in place for all businesses over the coming months.”

Employee Supports

 

The Government have asked all employers to effectively act as Social Welfare offices and pay staff the rate of €203 per week at a minimum from business bank accounts for laid off staff.

 

This can be reclaimed from Social Welfare later by the business.

 

In theory it’s a good idea, but for many businesses’ this will be impossible without the support of the banks as the majority of those first wave of lay offs are linked to the Pub and Restaurant sector of the economy.

 

Where an employer cannot arrange a payment, employees should be given the Pandemic Unemployment Payment form

 

Business Supports

 

Revenue have announced a broad range of supports as follows:

 

- Interest on late payments for Jan/Feb 2020 VAT has been suspended

 

- Interest on late payments for Feb/Mar 2020 PAYE has been suspended

 

- All enforcement (sheriff etc) has been suspended until further notice

 

- Tax Clearance Certificates will not be retracted

 

Imports

 

All imports can expect to give way to medical/pharma related goods

 

As this is an ever-evolving situation, we will keep you updated on all business related topics.

If you have any questions or are seeking advice regarding your business plans, please contact our office – info@kalcaccounting.ie

 

Please leave your contact details & we will be in touch.