As we are all aware, the Employee Wage Subsidy Scheme (EWSS) has been an integral part of protecting Irish businesses during the Covid-19 pandemic emergency. The scheme has seen many changes and taken on new forms over the course of the past year, having been set up on an emergency basis but requiring updates and […]
Revenue recently reminded businesses that were to resume trading, once lockdown ended, that their Debt Warehousing Scheme was still in operation. The process of debt warehousing essentially allows businesses to “park” their debts for a period of time in order to support cash flow when the company resumes trading. This will have been an invaluable […]
RPM EMEA – TAX Workshop “Ireland as a Business Destination” Webinar by Cian Rowlands
As we have discussed recently, the Revenue system has been undergoing massive amounts of welcome changes in recent years. As Revenue continues to invest in the future of their systems, how we do business daily is likely to shift along the way. Revenue have become increasingly advanced and sophisticated in their systems over the past […]
PAYE the Price for Digital Life… In recent years, Revenue have begun to modernise their systems across the board and move to a largely paperless mode of working, including a full revamp of the PAYE system. This revamp of outdated systems is ongoing. Most recently, Revenue issued new guidance and information in April of this […]
Yesterday went from bad to worse for the crypto bears and believers as they saw their favourite crypto currency Bitcoin crash almost 50% from its all-time high hit earlier this year. This also dragged down the values of other cryptos (‘alt coins’) making it a day to forget for all teams involved. We can’t tell […]
There are a great many ways in which the Covid-19 emergency has affected the world we now live in. Our day-to-day lives have been irrevocably changed and everything from our daily habits to how we view and manage our mental wellbeing will likely be different going forward. Something which has been a concern for both […]
2020 payments received: Payments received in 2020 under the PUP are subject to income tax and universal social charge. Individuals in receipt of PUP payments must complete an income tax return to receive their final statement of liability which will provide the final over or under payment for the year. Revenue confirmed in September 2020 that PUP income […]
Payments received by employers : Payments received under the CRSS are revenue in nature and will be treated as a reduction of otherwise tax – deductible trading expenses for tax purposes. Similar to the accounting and tax treatment where the restart grant was used to defray revenue related expenditure, wherethe CRSS receipts are used to defray expenditure […]
Subsidies received by employers: The TWSS subsidies received by employers from Revenue are revenue receipts by their nature and accordingly will be treated as a reduction in the wages / salaries related expenditure line item for the accounting period concerned. The subsidies received reduced the expenditure incurred by employers and therefore these subsidies will reduce the […]
