Advice from Revenue for small business during covid lockdown

Key advice from Revenue for small businesses experiencing cash flow difficulties

1.Tax Returns: Businesses experiencing temporary cashflow difficulties should continue to send in tax returns on time, even where payment is not immediately possible. 

Where key personnel are unavailable to compute the tax returns due to the COVID-19 virus, businesses should still file on a ‘best estimates’ basis. Any subsequent amendments can be completed on a self-correction basis without penalty.

2.Interest: The charging of interest on late payments is suspended for March/April VAT and April PAYE (Employers) liabilities.

This is in addition to the earlier announcement that the charging of interest on late payments is suspended for January/February VAT and both February and March PAYE (Employers) liabilities.

3.Debt Enforcement: All debt enforcement activity remains suspended until further notice.

4.Tax Clearance: Current Tax Clearance status will remain in place for all businesses over the coming months.

5.Payment of PSWT interim refunds on the basis of a written statement issued by the accountable person where the relevant F45 form cannot be issued to the specified person due solely to the current Covid-19 circumstances

6. Expedited payment of any instalment of excess R&D tax credit that is due to be paid in 2020.

7. Repayments/Refunds – prioritising the approval and processing of repayments and refunds, primarily VAT repayments and PSWT refunds, to taxpayers

8. Suspension of audit and other compliance intervention activity on taxpayers’ premises until further notice.