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.
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
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
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 – email@example.com
Please leave your contact details & we will be in touch.