News
Revenue Debt Warehousing Scheme (COVID) – Interest 0%
Library of Knowledge No. 73
On 5th February 2024 Revenue announced some good news for business’ still working their way through the impact of COVID.
The COVID debt warehouse scheme allowed business’ to pause payments of Revenue liabilities for VAT, PAYE, Income Tax, TWSS and EWSS from 2020 through to 2021 (peak COVID period).
Phase 3 (Period 3) of the Revenue COVID warehouse scheme requires that all liabilities are paid in full by 1st May 2024 or an agreed Revenue instalment arrangement with an interest rate of 3%.
The two options remain the same, however the interest rate is now reduced to 0%.
Revenue have confirmed a refund of interest charged for any business’ who have already entered into an agreement at 3%.
It is important to note that the deadline of 1st May 2024 remains unchanged to complete an instalment arrangement.
Note: To ensure the instalment arrangement stays in force, all current returns and liabilities must be lodged and paid by due dates.
For any business who requires any assistance, please do not hesitate to contact our office.
For further details see: https://www.revenue.ie/en/starting-a-business/paying-your-tax/debt-warehousing/amendments.aspx
Take care and have a good weekend.
