Revenue Announce Measures during Covid 19 Outbreak

In recent days, the news around the spread of Covid-19 has become inescapable and naturally worrying for individuals, families and business owners. Here at EcovisDCA we have and will always be committed to providing SME and larger business owners with practical and useful advice to help their businesses survive and thrive, and we intend to continue that trend during this period of adversity and whatever aftermath lies ahead.

In the brief few minutes of the recent announcement by Taoiseach Leo Varadkar regarding the Covid 19 pandemic, it seems that Irish life and business life would be instantly changed. As all schools, childcare facilities and tourism sites would be closed for a period of at least 2 weeks, workers worried about their capacity to continue working. Following on from that, new social distancing recommendations suggesting that workers should work from home where possible and limit direct social contact in the form of group lunches and face-to-face meetings instantly changed how businesses would function in Ireland. Obviously, this is uncharted territory and something that wasn’t planned for in anyone’s business plan for 2020 so it is natural that the business landscape and our economy will suffer to some extent as a result. We here at EcovisDCA will be updating on any and all information pertaining to business life and any news that may light up the uncertain darkness we find ourselves in.

  • Due to the new recommendations and the concerns that workers had for their working capacity going forward, the Government and Revenue have announced updated advice to support workers and SMEs who may experience cashflow issues.
  • All debt enforcement activity is suspending until further notice.
  • The Relevant Contract Tax review due to take place this month is suspended until further notice.
  • A customs ‘green routing’ status will be given to critical pharmaceutical products and medicines.
  • Tax returns should continue to be sent on time.
  • Extended availability of Government subsidised or Government guaranteed loan finance will be offered to businesses affected by Covid 19.
  • Extended grant availability through Enterprise Ireland, Udaras na Gaeltachta and local Enterprise Offices specifically allocated for businesses affected by Covid 19.

Meanwhile, Bank of Ireland and Ulster Bank have also become the first banks to assure their customers that practices like deferrals will be put in place for mortgage holders who may find themselves unable to keep on top of their payments during this time.

For social welfare support for self-employed please click on the links to get the latest information from Revenue:

https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-130320-revenue-announce-measures-to-assist-smes-experiencing-cashflow-difficulties-arising-from-covid-19.aspx

https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-100320-engage-early-with-revenue-key-advice-to-businesses-experiencing-tax-payment-problems.aspx

Should you find that your business is beginning to struggle during this time, it is advisable that you contact Revenue directly to discuss your own specific case.