John M Shanahan & Co.

linking practice to business

Chartered Accountants
Registered Auditors

Phone: 057 93 22100

email: info@shanahan.ie

Revenue has upped its Game.

Business will now get more proactive support from Revenue in a concerted effort by Government to ensure companies & business's stay afloat.

March 16, 2020

 

Chartered Accountants Ireland has continued its engagement with Revenue, around the impact of COVID-19, and potential effect on filing deadlines, cashflow and ongoing effect on business generally. To date, the following more focused updates have been received.

 

 

 

 

 

 

 

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to look at what they are saying.


Revenue have announced additional measures to assist businesses.

 
Information for SMEs

Revenue guidance is as follows:-

  • 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;

Information for Subcontractors

Revenue guidance is as follows:-

  • RCT (Relevant Contract Tax): the RCT rate review scheduled to take place in March 2020 is suspended. This process assesses the current compliance position of each subcontractor in the e-RCT system and determines their correct RCT deduction rate, i.e. 0%, 20% or 35%. As this process may result in a subcontractor’s RCT rate increasing due to changes in their compliance position, the review is suspended;
  • Subcontractors and agents are reminded that RCT rate reviews can be self-managed in ROS. Subcontractors can check if their rate should be lower and can then ‘self-review’ to get that lower deduction rate.


Information on importing goods.

Revenue guidance is as follows:-

  • Customs: critical pharmaceutical products and medicines will be given a Customs ‘green routing’ to facilitate uninterrupted importation and supply;


Businesses, other than SMEs, who are experiencing temporary cash flow or trading difficulties should contact the Collector-General’s office on (01) 7383663.

Alternatively, these businesses can engage directly with their branch contacts in Revenue’s Large Corporates Division or Medium Enterprises Division.

Tax payment difficulties
Revenue’s guidance on Phased Payment Arrangements may be helpful. Revenue have said that they will continue to engage with any viable business that experiences temporary cashflow difficulties.  
Revenue services
Revenue have indicated that all Revenue public offices, excluding ports, airports and trade facilitation stations, are closed to the public until further notice.  

Revenue say that they will continue to closely monitor the evolving situation regarding COVID-19 and will issue further updated guidance for businesses when required and particularly in good time before the March/April VAT returns, and other future returns are due.

For more information visit the governments website on COVID-19 Link.

We at JOHN M. SHANAHAN & CO. are here to help you with all your business, financial, accounting, statutory and taxation requirements, by providing expert, specialist and professional service tailored to meet your needs.

Phone 057 93 22100 or email info@shanahan.ie or use our contact form here- Contact Form.

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