If any business is restricted to operate fully or at a certain level when the government is undertaking the COVID-19 plan, the business can claim for the Advance Credit for Trading Expenses (ACTE), which is to be payable for each week the business is affected.
The ACTE is calculated to equal 10% of the average weekly turnover of the business in 2019 up to €20,000, with an extra 5% on turnover over €20,000. The maximum weekly payment is €5,000.
Who is eligible?
- Companies, self-employed individuals and partnerships
- Profit chargeable under Case I of Schedule D
- Businesses that their customers / clients are necessary to be in the business premises.
1.Required to close their business on a temporary basis or work at significantly reduced volumes.
- Must demonstrate that the business premises are impaired by the government’s restrictions.
3.Should prove that the turnover is less than 25% of the overall volume equivalent to the average weekly turnover in 2019 due to the Covid-19 restrictions. PUP and other subsidies are not used in the estimation of turnover.
- Must have up to date tax clearance certificate and satisfy with VAT obligations
Generally acceptable business premises examples:
Hotel, Restaurant, Bars, Pubs, Beauty Salons, Hairdressers.
How to make a claim
- Register on ROS
- Make a claim on e-repayment
- Make declarations on eligible criteria, tax clearance,weekly turnover details
Claim must be submitted within 8 weeks of the start of the claim period.
Businesses that are restricted to reopen in December 2020 are allowed to claim for double the amount of the ATCE payment.
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