You may be aware of some important news regarding the warehoused tax debt scheme, which many of you have utilised during the pandemic. As of now, the scheme has officially ended, and the Revenue Commissioners are set to enforce the collection of approximately €100 million in deferred taxes.
This development means that any tax liabilities that were put on hold to help manage cash flow during the tough times of COVID-19 will now need to be addressed. It’s crucial that you understand what this means for your business and take appropriate action to ensure compliance and financial stability.
What Does This Mean for You?
- Immediate Attention Required: If you have warehoused tax debt, you need to engage with the Revenue as soon as possible. Ignoring this could lead to enforcement actions which might include interest charges and other penalties.
- Payment Plans: Revenue is open to arranging payment plans to help businesses manage their repayments. If you’re worried about cash flow, this could be a viable option to consider.
- Review Your Finances: Now is a good time to reassess your financial situation. Ensure that you have a clear understanding of your outstanding tax obligations and plan accordingly.
- Seek Professional Advice: If you’re unsure about the next steps or need help navigating this change, please don’t hesitate to reach out. As your accountant, I’m here to help you understand your options and find the best path forward.
Next Steps
- Contact Revenue: Proactively reach out to Revenue to discuss your warehoused debt. This can help in avoiding any surprise enforcement actions.
- Evaluate Payment Options: Look at your financial statements and determine what type of payment arrangement will work best for your business.
- Stay Informed: Keep up-to-date with any further announcements from Revenue regarding this matter.
By taking these steps, you can manage your obligations effectively and avoid any unnecessary stress or financial strain.
If you have any questions or need assistance with this process, please feel free to get in touch. Let’s work together to ensure your business remains on solid financial footing.