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Revenue Commissioners New Debt Management System (DMS)

Onward, to the Future

The past number of months have been a time of increasing change for Irish businesses. From large scale changes to payroll systems to the clamping down of Revenue on all forms of tax evasion and tax fraud. These have been major changes to the ways in which Irish companies do business day-to-day and are hoped to be a solution to some long-term issues facing Irish business life, as it is hoped it will all lead to smoother business operations and less issues facing the Irish tax system.

The season of change continues onwards as it was recently announced that The Revenue Commissioners were set to release a new system for debt management, one which will be more technologically advanced than previous iterations and which will assist them in chasing down more unpaid tax, particularly in the sector of SMEs (Small and Medium Enterprises).

Revenue’s new system entitled DMS (Debt Management Services) was launched just recently and promises to utilise high-tech means to target and deal with a wider range of tax payer. Whilst this may seem like a frightening prospect for SMEs, it is in fact a positive step towards ensuring that all Irish businesses are compliant, and that smaller business need not suffer the consequences of the failures of their larger brethren. The system will be able to target businesses and individuals who may previously have been too expensive to identify and pursue.

A spokesperson for Revenue has stated of the new DMS system that it will:

“Deliver significant increased capacity to manage and support compliance and tackle non-compliance” and will “enable Revenue to review customers with lower turnarounds on a more regular basis”.

So, whilst this means that SME’s will of course naturally fall under the Revenue microscope more often than previous, it is a step in the right direction for the future of business in Ireland, as it is set to join the Payroll Modernisation system in making it easier and more transparent for businesses to submit documentation and queries as the spokes person went on to say:

“The new system is fully online, allowing documentation to be uploaded electronically. It gives customers greater flexibility to manage their payment schedule and make certain alterations to suit their circumstances.

We as always advise to ensure that all your documentation and tax files are in order well ahead of time to ensure that you do not face further issues going forward. Should you have any queries or concerns, our doors are always open here at EcovisDCA.

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DCA PARTNERSDECLAN DOLAN & EAMONN GARVEY

Taking the Fear out of Arrears

Following on from the economic crisis and the subsequent increase in the cost of living and decrease in available work, many thousands of Irish people have been left in mortgage arrears which is a very stressful and uncertain position to be in. As the country begins to regain its financial footing there are of course increases in finance options, but up until this point many Irish householders may have found it quite difficult to avail of advice on these matters during what is of course a difficult financial time.

Recently, Tánaiste Frances Fitzgerald and Minister for Social Protection Leo Varadkar announced an awareness campaign to promote Abhaile, a free mortgage arrears support service which many of those struggling were unaware of.

This news follows a survey which found that many struggling with mortgage arrears are too embarrassed to tell their family and friends about their ongoing issues. This in itself is incredibly problematic as the weight of these issues alone can cause isolation, depression and other mental health difficulties. As such, it is essential that all homeowners who find themselves in arrears should have someone to speak to. That is the service that Abhaile hope to provide. Tánaiste Fitzgerald has stated that despite falling numbers, there are still approximately 34,500 people in this country in long-term arrears. These are the people they hope to reach with this new campaign as it also emerged that over two thirds of people did not know that there were any services available to them to discuss these issues. Minister Varadkar was quoted as saying:

“It’s our firm hope we’ll bring forward thousands more people who are now in need of similar help. The key message is to come forward and seek the help that you need. Don’t be afraid, help is available at no cost and we’re on your side.”

Whilst the fact that the number of repossession cases has halved in recent years is indeed positive news, it is also essential that those still struggling be aware of all of the assistance at their disposal to ensure that these rates continue to fall in the coming years so that we can see a significant reduction in people feeling alone in these issues. It was also revealed that those in long-term arrears are those least likely to seek advice or assistance as they may feel that their situation is hopeless.

Angela Black of the Citizens Information Board has said:

“What we’re doing is asking members of the public to go out there and take a look around at their family and friends and people who might look ok on the surface but who are struggling behind closed doors with mortgage arrears. They might not realise they have access to this free expert financial and legal advice. Family and friends can play a vital role in encouraging people to look for help”

The Abhaile service has assisted 4,500 people since it became fully operational last October.

The Abhaile scheme is administered by the Money Advice and Budgeting Service (MABS).

Its helpline, which is open Monday to Friday 9am to 8pm is 0761072000.

 

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DCA PARTNERSDECLAN DOLAN & EAMONN GARVEY