COVID NEWS
IRELAND
T he Irish Government announced a critical package of support to protect the jobs of self-employed workers across Ireland as a result of the Coronavirus pandemic. Covid Restrictions Support Scheme (CRSS) On October 13, 2020, as part of the budget, the Government announced CRSS - a new support scheme for business. CRSS provides a cash payment to be known as an “Advance Credit for Trading Expenses”. This payment will be equal to 10% of their average weekly turnover in 2019 up to €20,000 and 5% thereafter, subject to a maximum weekly payment of €5,000 for each week that their business is affected by the Covid restrictions. The scheme is available to affected self- employed individuals and companies who carry on a trade or trading activities from a business premises located wholly within a geographical region for which Covid-19 restrictions are in operation. CRSS is available where a business is either forced to temporarily close their business, or the business is required to operate at significantly reduced levels because of the restrictions. Generally, this refers to Covid restrictions at Level 3, 4 or 5 of the Government’s Plan for Living with Covid-19 but certain businesses may qualify for the support where lower levels of restrictions are in operation. To qualify for the scheme, a business must be able to demonstrate that, because of the Covid restrictions, the turnover of the business in the period for which the restrictions are in operation and for which a claim is made, will be no more than 25% of the average weekly turnover of the business in 2019. Government increases EQSS and PUP to €350 Following the move to Level 5 of the Plan for Living with COVID for the entire country, the Government have extended the Employment Wage Subsidy Scheme (EWSS) and Pandemic Unemployment Payment (PUP). EWSS EWSS is revised to align with PUP with a maximum subsidy payment of €350 per employee per week. Prior to this change the top rate of EWSS was €203 per
week and applied to employees with a gross weekly wage from €203 to €1,462. The changes are effective from the next payroll date after October 19, 2020. The revised EWSS rates are: Gross weekly pay.....................................EWSS Less than €151.50..............................................Nil €151.50 to €202.99....................................€203 €203 to €299.99.........................................€250 €300 to €399.99.......................................€300 €400 to €1,462............................................€350 Over €1,462..........................................................Nil PUP The highest rate of PUP will be restored to €350 per week for those earning more than €400 per week before the pandemic. The increase will apply to payments on or after October 27. The PUP will now be paid at four rates as follows: Gross weekly earnings...............................PUP Less than €200............................................€203 €200 to €299.99........................................€250 €300 to €399.99.......................................€300 €400 or more...............................................€350 Commercial Rates Relief The waiver of commercial rates for businesses negatively impacted by Covid-19 pandemic has been extended to December 31, 2020. Pay and File Extension for Income Tax Returns Revenue have announced an extension until December 10, for 2019 income tax returns that are filed and paid online via ROS. This extension also applies to pension contributions, so self-employed taxpayers can claim tax relief on pension contributions up to the date that they submit their 2019 income tax return. Furthermore, the debt warehousing arrangement has been extended to income tax liabilities. This means that the balance of income tax due in relation to 2019 together with preliminary tax for 2020 can be warehoused if as a result of Covid-19 restrictions the taxpayer’s total income for 2020 will be less than 75% of the individual’s total income for 2019. To avail of the debt warehousing scheme for self-assessed income tax, a taxpayer is required to make a declaration to the collector general when filing their income tax return for 2019.
Instead of the full amount becoming due by the end of March 2021, UK VAT registered business can opt in to the scheme to pay smaller payments over a longer period, to March 31, 2021, interest free. Government back support loans On 2 November, the UK government announced that businesses will continue to be able to apply to banks for government-backed support loans until January 31, 2021 compared with a previous November 30, 2020 deadline. These loans include the Bounce Back Loan Scheme and Coronavirus Business Interruption Loan Scheme. “The UK government announced on November 5, that it will increase the support available to the self- employed to mirror the extension to the furlough scheme.”
FOR THE MOST UP-TO- DATE INFORMATION ON COVID-19 FINANCIAL SUPPORT (NI AND ROI), VISIT: www.pkffpm.com
www.elecmagazine.com FOLLOW US ON:
IRELAND’S ELECTRICAL MAGAZINE | 7
Made with FlippingBook - professional solution for displaying marketing and sales documents online