Tax Liabilities during Covid-19

Tax Liabilities during Covid-19

Concerned about being able to pay your tax liabilities during the on-going Covid-19 outbreak?

Many businesses are feeling under strain as a result of this pandemic.

Revenue have put measures in place for employers during this crisis. If you are experiencing cash flow issues as a result of Covid-19, it is important to speak to Revenue Commissioners as soon as possible to ensure they can assist you efficiently.

Advice for SME’s

Tax Returns:
You should continue to send in your tax returns on time, even if you are experiencing issues with cash flow.

Application of Interest:

-Interest accrued on late payments is suspended for January/February VAT
-Interest accrued on PAYE (Employers’ Liabilities) is suspended for February and March.

Debt Enforcement:

All Debt Enforcement activity is suspended until further notice

Advice for Sub-Contractors

Relevant Contract Tax:

The rate of the tax was to be reviewed in March but this review has now been suspended.

Advice for those Importing Goods

Customs

Critical supplies such as Medicine will be ‘green routed’ to ensure the importation is not interrupted.

For more information see www.revenue.ie

About Author

Related posts

Covid-19 and its Impact on the Gig Economy

According to Investopedia; the gig economy involves a situation whereby “temporary, flexible jobs are commonplace and companies tend toward hiring independent contractors and freelancers instead of full-time employees. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career.”...

Read More

Returning to Work After Covid-19 Pandemic

Paying Employees  A lot of employers are dependent on the wage subsidy scheme to be able to pay their employees while they were unable to work due to Covid-19 closures. Even when places of employment re-open, employers can still temporarily avail of this scheme to pay their staff (both...

Read More