Next steps needed with Covid support schemes winding up

Article by Brian Cooper.

• It is important for businesses to understand the timing of the Revenue support.
• If your business was availing of the debt warehousing scheme, you should have received a letter from the Revenue to advise you of any tax returns which may be overdue.
• The debt warehouse term is made up of three distinct periods. No interest is applied to the warehoused debt during Period 1 and Period 2.
• The Minister for Finance announced the extension of the 9% Value Added Tax (VAT) rate for the tourism and hospitality industry for a further six months.
• The Employment Wage Subsidy Scheme (EWSS) ceased for most businesses on April 30th 2022.
• The Small Company Administrative Rescue Process (Scarp) is designed to address the specific needs of eligible small and micro companies in financial difficulties.

Read the full article here.

Brian Cooper is an accountant with FDC Skibbereen.