Corporation tax return and iXBRL surcharge suspension to end on 30 June

Mar 08, 2021

Revenue confirmed in a press release last week that it will not apply a late filing surcharge to Corporation Tax returns (Forms CT1) for accounting periods ending in June 2019 onwards, including all accounting periods in 2020. This concession will remain in place until 30 June 2021.  Revenue will issue reminder notices to companies with outstanding Form CT1s for an accounting period ending in the 6 months to 31 December 2019. If the Form CT1 remains outstanding, the company will no longer qualify for tax clearance and access to the EWSS and CRSS supports will be withdrawn.  Revenue confirmed to the CCAB-I in a recent TALC meeting that the surcharge suspension for late iXBRL financial statements for accounting periods will also cease to apply from 1 July.

The CCAB-I noted in our discussions with Revenue that companies continue to have challenges establishing if the trade will continue as a “going concern” due to the disruption caused by COVID-19 and this in turn is presenting difficulties for officers of companies in their efforts to sign off on company accounts.  This issue will persist while Government restrictions continue and Form CT1s and iXBRL financial statements will be delayed consequently.  Revenue will continue to keep the position regarding the late filing surcharge and iXBRL financial statements under review.  See the last paragraph of Revenue’s press release for information on the Form CT1 surcharge suspension.