As this year draws to a close, we find ourselves looking ahead to the year ahead. During the Christmas festivities, there looms a deadline which could easily slip down the list of priorities during this time, so we would advise getting organised in advance so that it doesn’t interfere with your work-life balance during this important season.
Any and all clients availing of debt warehousing will be required to have all their returns filed by January 19th, 2022. This includes any and all tax return matters. If this is not completed on time, there is the possibility that Revenue may deem you non-compliant with the scheme and decide to charge 8 – 10% interest rather than 0%.
The Debt Warehousing Scheme was set up as a method of helping businesses at the beginning of the pandemic by covering tax liabilities until the end of this year, with the added benefit of any repaid debt not facing any interest for the delay in payment during this time. The key condition of the warehousing scheme has been the necessity of filing returns on time, in this case by January 19th.
Recently, Revenue were questioned about plans to phase out the debt warehousing scheme with Social Democrats TD Catherine Murphy querying the plans and stating, “we don’t want to see a loss of viable businesses.” This ties in with recent pleas for the extension of the EWSS due to the current fragility of the Covid-19 pandemic and the increase in restrictions.
We hope that this information is of benefit to you and your business and that you all have a wonderful festive period.
As always, should you have any concerns or queries on any business or accounts issues, we here at EcovisDCA will be happy to assist.