Below is an update on the supports available to businesses, employees and the self employed during the pandemic.
Please contact us if you wish to discuss these supports or any other issues facing your business at this time. We are here to help.
Please note that the information below is based on information available to us at the time of writing this article. Revenue and the DEASP are constantly updating the information on business supports so please visit the links provided in each section to obtain the most up to date information and figures.
Temporary COVID-19 Wages Subsidy Scheme
The Temporary Wage Subsidy Scheme will be available to employers who keep employees on the payroll throughout the COVID-19 pandemic. Some of the staff may be temporarily not working or some may be on reduced hours and/or reduced pay.
It also applies to directors receiving a salary through the company.
The subsidy payment is not taxed in payroll, but is taxed on review at the end of the year.
It is important to read the guidance in full before signing up for this scheme. Revenue have produced two useful documents:
If you wish to discuss how the wages subsidy scheme could apply to your business, please contact Orla Linehan on email@example.com or call 021 240 9120.
Pandemic Unemployment Payment
The COVID-19 Pandemic Unemployment Payment is a payment of €350 per week. It is available to employees and the self-employed who have lost their job on (or after) March 13 due to the COVID-19 (Coronavirus) pandemic. Initially applicable for six weeks, it will now be in place for the duration of the crisis.
The Department of Employment Affairs and Social Protection have updated the guidelines on what you can do if you are self-employed and experiencing financial difficulties during the COVID-19 crisis.
According to the DEASP:
You may, your trading income has collapsed to the extent that you are available to take up other full-time employment if it was offered to you, receive a payment of €350 per week for so long as you are available to take up other work. This is equal to the standard jobseeker rate for a two adult household.Department of Employment Affairs and Social Protection
For more information on how to apply, please visit https://www.gov.ie/en/publication/68c144-what-to-do-if-you-are-self-employed-covid-19/
Pandemic Illness Benefit
If you have been diagnosed with COVID-19, or are medically certified to self-isolate as a result of COVID-19, you can apply for Illness Benefit for COVID-19 absences which is higher than the standard rate. You can apply for this whether you are an employee or if you are self-employed.
Short Term Work Support
If an employee’s hours are cut to a 3 day week or less, he/she may qualify for short term work support.
Revenue have suspended interest and penalties for all SME businesses for Jan/Feb 2020 VAT and Feb and Mar 2020 PAYE liabilities. They will facilitate payment arrangements for tax payers in difficulty where there is early and meaningful engagement.
All debt enforcement acidity has been suspended.
Companies Registration Office
The CRO is closed and they are not processing any submissions at the moment. The deadline date for annual returns was initially extended to 30 June 2020 and has now been further extended to 31 October 2020.
Local Authorities may defer commercial rates payments due from the most immediately impacted businesses until the end of May. Contact your local authority to discuss options and arrangements.
Business Continuity Voucher
A Business Continuity Voucher is available through Local Enterprise Offices to SMEs.
The voucher is worth up to €2,500 in third party consultancy costs and can be used to develop short-term and long-term strategies to respond to the Covid-19 pandemic. The goal is to help business owners make informed decisions about what immediate measures and actions should be taken to protect staff and sales.
If you need any assistance with tax returns or arranging payment plans and deferrals with Revenue, please contact us. We are ready to assist you. Email us at firstname.lastname@example.org.
– The Fidelia Team