Library of Knowledge
Library of Knowledge No. 26
The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capacity to succeed in global markets.
The fund is designed to enable those companies to reach key technical and commercial milestones.
Applications are considered on a competitive basis. Funding is provided to companies who rank highest in a two-phase evaluation process.
The maximum level of support per successful application is €50,000, for 10% in ordinary shares in the start-up company, to be released in 2 equal tranches of €25k (5% in ordinary shares for each tranche).
Applicants to the fund should ideally be able to demonstrate the following:
- Be able to clearly demonstrate that product or service has reached Minimal Viable Product (MVP) stage, and that the product is, at a minimum, live in beta.
- That the product or service has demonstrable customer validation ideally with (trial and/or paying) customers.
- A fully articulated proposition addressing a clear gap in the market with market research conducted with customers/potential customers.
- Evidence of innovation, export potential and employment capacity. Clear export market opportunity for the proposed product or service. Clear knowledge of the competitive landscape.
- Clear execution plan outlined, identifying suitable channels to international markets.
- Assessments are undertaken on the applications submitted, it is important to note that the greater the progress the applicant has undertaken towards generating sustainable revenues the stronger the application. Applications from projects that are at idea, concept or design stage may be considered to require further development before applying for the competitive start grant.
Two Competitive Start Fund competitions opened for applications on Tuesday 7th July 2020, closing on Tuesday 18th August at 3pm.
Please note that applicants may only apply for 1 of the 2 x calls below:
- 1 Women Entrepreneurship
Or the
- 2 All Sectors
For full details see: https://www.enterprise-ireland.com/en/funding-supports/company/hpsu-funding/competitive-start-fund-csf-.html#:~:text=The%20purpose%20of%20the%20Competitive,considered%20on%20a%20competitive%20basis
Stay safe and well.
Library of Knowledge No. 25.
Revenue are conducting a programme of compliance on all employers who availed/are availing of the COVID-19 TWSS.
This program has commenced and all employers should check their ROS Inbox on a daily basis.
The document received must be completed and returned within 5 days.
It is essential that employers respond promptly as failure to do so may lead to suspension of future COVID-19 TWSS refunds.
Revenue have confirmed that the programme is expected to last for several months.
Note: For our payroll bureau clients, we will also receive a copy of this revenue letter. Upon receipt we will be in contact with each client.
Extract from Revenue:
Compliance Programme To ensure the scheme is operating correctly Revenue is conducting a programme of compliance checks on all employers availing of the scheme and will be contacting all employers to confirm that:
- They meet the eligibility criteria
- Employees are receiving the correct amount of subsidy; and
- The subsidy amount is being correctly recorded in employee payslips.
The compliance check programme will also address any identified issues in respect of the operation of Real Time PAYE (PMOD) by employers over 2019 and 2020 and will also provide an opportunity for employers to address any other outstanding tax issues.
This will be of importance to employers who may intend to avail of the “debt warehousing” scheme for Employer PAYE and VAT liabilities incurred during the pandemic period as up-to-date compliance will be a prerequisite in order to avail of that scheme.
Letters will issue to employers and their agents, where relevant, mainly through the ROS Inbox. The programme is expected to last for several months.
It is essential that employers respond promptly as failure to do so may lead to suspension of future payments.
Stay safe and well.
Library of Knowledge No. 24
We are currently supporting our clients with post COVID-19 services to assist in the Future Proofing of their businesses.
These services include:
- Cashflow Forecasting.
- Cost Analysis and Control.
- Margin Reviews (on products and services).
- Cost Projections and Budgeting.
- Business Plan Options: 6 month, 3 year or 5 year.
- MicroFinance Loan Applications.
- SBCI Loan Applications.
- Tax Liability and review of Deferred Taxes plus proposal to Revenue.
- Payroll Services and Consultancy.
- Business Development Clinics.
If you feel that your business could also benefit, please contact our office for a free 20 minute consultation.
Note: Some businesses have opted to use their Business Continuity Voucher to finance these reports.
Stay safe and well.
Library of Knowledge No. 23
Our clients should all take note of the amendments to the COVID-19 Temporary Wage Subsidy Scheme:
Re: Extension.
The Government recently announced the COVID-19 Temporary Wage Subsidy Scheme will remain in place until the end of August ’20. Further updates will be advised.
Re: Widened.
The scheme has also been widened to include employees returning to work from (i) Maternity leave; (ii) Adoptive leave; (iii) Paternity leave; (iv) Parental leave; (v) Related unpaid leave; or (vi) Receiving Health and Safety Benefit, Parent’s Benefit or Illness Benefit for the month of February.
Where the employee originally did not qualify for the scheme as they were excluded on the payroll at 29th February 2020, this has now been rectified and applications will now be considered and payments will be back dated.
See Link: https://www.revenue.ie/en/employing-people/documents/pmod-topics/guidance-on-operation-of-twss.pdf
Re: Employers Eligibility and Supporting Proofs.
We wish to advise regarding a document issued by Revenue on the 20th April ’20, which outlines the supporting proofs to avail of the scheme.
These records and documents should be carefully saved to present to Revenue should they decide, sometime in the future to verify your eligibility.
Kindly read through and be proactive in completing your relevant proofs.
Re: Timely Exit.
It may take some time for your business to be re-established and for your turnover to stabilise.
Please Note: As soon as your turnover recovers and is identified as being less than 25% of pre COVID-19 turnover you will then be required to exit from the COVID-19 Temporary Wages Subsidy Scheme.
Stay safe and well.
Library of Knowledge No. 22
Enterprise Ireland – COVID-19 Business Response.
We are all aware that there are substantial supports available from Revenue, Local Enterprise Offices plus financial institutes.
All of which have been covered in earlier issues of our ‘Library of Knowledge.’
Today, we are focusing on the supports available through Enterprise Ireland.
Extract from Enterprise Ireland Website:
The Covid-19 pandemic has created severe challenges for Irish businesses with significant job losses, worldwide disruption and an uncertain road ahead.
Enterprise Ireland is responding to the current global crisis by working with Irish exporters to help them avail of business response supports recently unveiled by the Government.
These supports are designed to help businesses stabilise and adapt to the evolving situation, in preparation for getting back on the road to recovery.
Business Financial Planning Support – 100% support
Lean Business Continuity Voucher – 100% support
Sustaining Enterprise Fund
For more information see: https://globalambition.ie/covid-19/
Stay Safe and well.
Library of Knowledge No. 21
Another assistance offered by the government is the ‘Trading Online Voucher Scheme’ this is aimed at existing or new businesses to allow more effective online sales post COVID-19.
It offers financial assistance of up to €2,500 with co-funding of 10% from the business* along with training and advice to help your business trade online.
Apply via your Local Enterprise Office. Applications close on 30th September 2020.
Grow your business online with help through the Government’s National Digital Strategy. The expanded Trading Online Voucher Scheme is designed to assist small businesses with up to 10 employees to trade more online, boost sales and reach new markets.
Participating in this scheme can make the process of trading online much easier for you.
The vouchers are targeted at businesses with the following profile:
- Limited or no e-commerce presence;
- 10 or less employees;
- Turnover less than €2m;
- Applicant business must be trading for at least 6 Months**;
- Business must be located in the area covered by the LEO to whom they make their application i.e. LEOs cannot accept applications from businesses located outside their jurisdiction.
Previous voucher recipients may apply for a second voucher.
**applicant business must provide clear proof of trading for a minimum of 6 months to their Local Enterprise Office.
For more information and to assess whether you fulfil the criteria for this voucher see: https://www.localenterprise.ie/Discover-Business-Supports/Trading-Online-Voucher-Scheme-/
Stay safe and well.
Library of Knowledge No. 20
Revenue have confirmed the ‘COVID-19 Tax Period’ as January 2020 to June 2020 inclusive.
Businesses impacted by the COVID-19 pandemic have the opportunity to avail of the following arrangements:
- Defer payment of taxes for the ‘COVID-19 Tax Period’ plus 2 months after reopening, if applicable.
- During this period all tax returns should be lodged. Where circumstances arise, an estimated return will be accepted.
- After the initial 2 months of reopening a repayment plan must be submitted to Revenue that meets the cashflow requirements of the business. There will be no interest or penalties applied to this arrangement if paid over a 12 – month period.
- All future taxes must be lodged and paid on time.
Where it is not possible for the business to repay the deferred debt over a 12 – month period an interest rate of 3% will be charged for the repayment period > 12 months.
Note: The normal average interest rate charged by Revenue would be 10% so this is greatly reduced.
Note: Businesses not impacted by COVID-19 are expected to lodge and pay tax liabilities as they fall due. VAT Refunds during the ‘COVID-19 Tax Period’ plus 2 months will not be affected and will be issued promptly by Revenue.
Tax Clearance status’ will not be affected.
This arrangement relates to VAT and PAYE liabilities only. Any businesses having difficulty in meeting payment of other taxes should contact Revenue via MyEnquiries.
The timing addressing the tax liabilities will differ business to business, sector to sector.
See Link: https://www.revenue.ie/en/corporate/communications/documents/tax-debts-warehousing.pdf
Stay safe and well.
Library of Knowledge No. 19.
Announced 15th May 2020 – Government approves details of Restart Grant for Small Businesses.
The Government announced details of the new €250m Restart Grant, which will give direct grant aid to micro and small businesses to help them with the costs associated with re-opening and re-employing workers following COVID-19 closures.
The grant is valued between € 2,000 minimum to € 10,000. It is based on the Commercial Rates bill for 2019.
The criteria to avail of this grant is as follows:
- Must be registered on the Local Authorities Commercial Rates Payment System.
- Turnover of less than € 5m.
- Employ 50 or less.
- Have suffered a reduction in turnover of 25% + to 30th June 2020.
- Commit to reopen business, if closed.
- Declare an intention to retain employees on the COVID-19 Temporary Wages Subsidy Scheme and/or the Pandemic Unemployment Payment.
Applications open today 22nd May 2020 and will be managed online via your local authority.
Please refer to your local authorities website.
Stay safe and well.
Library of Knowledge No. 18.
As we all prepare to return to work our responsibilities as employers have increased considerably.
Last Saturday 9th May 2020 Government issued the ‘Return to Work Protocol’, this is a COVID-19 Specific National Protocol for Employers and Workers.
This document is a result of a collaborative effort by the Health and Safety Authority (HAS), the Health Services Executive (HSE) and the Department of Health.
It is designed to support employers and workers to put measures in place that will prevent the spread of COVID-19 in the workplace, when the economy begins to slowly open up, following the temporary closure of most businesses during the worst phase of the current pandemic.
The protocol was developed following discussion and agreement at the Labour Employer Economic Forum (LEEF), which is the forum for high level dialogue between Government, Trade Union and Employer representatives on matters of strategic national importance.
The work has been overseen by the Department of the Taoiseach and the Department of Business, Enterprise and Innovation.
It is important to understand that this is a ‘Living document’ and is subject to frequent updates. We will ensure to have the most recent version available on our website.
We suggest, to protect your employees, your clients/customers and yourselves as employers that this document is read and acted on as necessary.
See Link: https://dbei.gov.ie/en/Publications/Return-to-Work-Safely-Protocol.html
Stay safe and well.
Library of Knowledge No. 17
The Government’s Roadmap for Reopening Society and Business was published last Saturday 2nd May `20. This will allow us to work towards kick starting the economy.
In conjunction with this publication additional supports announced to support Businesses Impacted by COVID-19. These supports aim to boost businesses to restart, reconnect and rehire staff.
These measures include:
- A €10,000 restart grant for micro and small businesses based on a rates/waiver rebate from 2019.
- A three month commercial rates waiver for impacted businesses.
- A €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), which will make capital available to medium and large enterprises on commercial terms.
- A €2 billion COVID-19 Credit Guarantee Scheme to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates.
- The ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue and no interest charge accruing in respect of the warehoused debt.
- A commitment to local authorities to make up the rates shortfall, so that local authorities can continue provide full services to the public.
Further clarification on how these supports will be accessed are expected to be finalised within the coming weeks. We will endeavour to include these in further issues of our `Library of Knowledge`.
Stay safe and well.