Regulatory deadline crisis facing Irish businesses

Oct 09, 2020

Chartered Accountants Ireland has written to 220 TDs and Senators warning of the regulatory deadline crisis facing Irish businesses this month.  Level 3 public health restrictions make the already difficult task of meeting the regulatory deadlines falling due on 31 October even more challenging.  The Government must act now to suspend the loss of audit exemption for companies who cannot, despite their best efforts, meet the 31 October CRO deadline.  Losing audit exempt status impacts small businesses the hardest and is a disproportionate penalty given the health and safety obligations facing businesses now.

Chartered Accountants Ireland also calls for the lifting of the late return filing surcharge for self-employed individuals who cannot raise funds to pay their tax liability.  We also highlight the deadlines imposed on businesses who claimed the TWSS.   Chartered Accountants Ireland in the Next Financial Year and the CCAB-I’s Pre-Budget submission have lobbied for the suspension of the late filing surcharge for all income tax returns.  Chartered Accountants Ireland successfully lobbied for the extension of the Phased Payment Arrangement deadline for non-COVID-19 tax debt and for firms to agree an extension to TWSS compliance check requests.  We have also successfully lobbied the CRO to defer the introduction of a new CORE customer portal. 

The Institute is fully aware of the pressures on our members in practice and has responded with increased lobbying activity on practice focused issues and increased information supports through Practice News webinars, Special Tax Practice newsletters, Practice Matters and in Tax News.  We would also encourage members in practice to make contact with the Practice Consulting Team who can provide insights and support.

Members in practices will also be interested in this month’s Accountancy Ireland which features members in practice, Conor Woods from Woods & Partners, James Kelliher from Kelliher O’Shea and Wendy Merrigan from Williams Merrigan who all share their insights on current business challenges, the lessons they have learned during the pandemic and what the future holds for SMEs.