Contact Wilson Taxation Now to Plan Your Finances
It is clear that the Irish economy, the European and the global economy is going to take an impact because of the COVID19 / CoronaVirus pandemic and it’s associated closures, interruptions and restrictions. Many businesses will be affected. The extent of this economic impact is not known yet but we should anticipate some trying times ahead. It is prudent that all businesses start to put come contingency planning in place.
As businesses close and restrict activity, revenues will shrink. As time goes on, cashflow will become vitally important to every business. Some planning now will help your business to weather the difficult days ahead. We can advise on how to maintain your business’s cashflow and on how to mitigate some of the effects of the pandemic. It is better to make preparations now, before we enter the most difficult period of the crisis.
Advice From Revenue
On 10 March 2020, the Collector-General, Mr. Joe Howley outlined that Revenue will engage with any viable business that experiences temporary cashflow difficulties, including difficulties arising from exceptional circumstances such as the COVID-19 (Coronavirus) outbreak.
The Collector-General said that “Revenue is aware that when temporary cashflow issues arise for a business, it can be a worrying time in terms of the ability to keep an otherwise good tax compliance record on track. Rather than hope that such payment difficulties will fix themselves in time, I would strongly encourage affected businesses to take the following practical steps:
- continue to send in your tax returns on time, and
- engage early with us if you run into, or are facing, difficulty in paying your tax.
Wilson Taxation can help you engage with Revenue if you are having difficulties meeting your tax payment schedule. Early engagement is very important in these circumstances so we encourage you to get in touch with us sooner rather than later.
Revenue Measures for SMEs
Revenue has also announced some measures to facilitate businesses that experience trading difficulties due to the impact of COVID-19
Information for SMEs
- 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.
We are living through a crisis that has no precedent. It is clear that we all need to plan for uncertain times ahead. All businesses will need to have a plan in place to maintain cashflow. We encourage you to contact Wilson Taxation now to help you plan for the coming weeks and months.