2020 payments received: Payments received in 2020 under the Pandemic Unemployment Payment (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 […]
Payments received by employers : Payments received under the Covid Restrictions Support Scheme (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, where the CRSS receipts […]
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 […]
Payments received by entities: The Minister for Finance confirmed that Revenue will treat the taxation of these grants differently depending on the purposes for which the grant was used. Where the grant is used to defray expenditure which is revenue in nature like utility bills or insurance costs then it will be taken into account […]
Since the beginning of the Covid-19 emergency, we have spoken many times about the various supports made available to both employers and employees to help weather the storm. Two of the main supports that was put in place by the government are the ongoing Temporary Wage Subsidy Scheme (TWSS) and Pandemic Unemployment Payment (PUP). The […]
The first week’s of 2021 may not have held all the solutions or change from 2020 that many had hoped, with many businesses once again closing after a brief opening for the Christmas period, so we wanted to take the time to remind you that we are here and happy to help with any business […]
As we all know, Brexit will formally exit the European Union on 31st December 2020, and it is vital for Irish businesses to prepare for the changes ahead. The Department of Enterprise has released a Brexit readiness checklist which we recommend consulting in full to ensure that your business is prepared, and to contact your […]
As we are all aware, there have been a number of supports in place over the past number of months in order to safeguard businesses and employees during the Covid-19 crisis. One of the major supports in place that has changed format a couple of times this year but has been invaluable for many businesses […]
In another lifetime we spoke regularly about the looming threat to Irish business that was Brexit. With the Brexit date of January 1st now fast approaching, Brexit preparations join the long list of issues facing Irish businesses going forward. Irish businesses are currently under more pressure than ever before with the current Covid-19 crisis and […]
It seems so long ago that one of the largest looming threats to Irish business life was the notion of Brexit and the atmosphere of uncertainty that surrounded not knowing what form Brexit was to take. Obviously with the current Covid-19 emergency there are much bigger threats to Irish businesses, but Brexit remains a very […]
