The voice of Chartered Accountants Ireland is heard on Budget Day 2021

Oct 16, 2020

On Budget Day, Minister for Finance, Paschal Donohoe, announced substantial extensions to the Tax Debt Warehousing Scheme for employers and the self-employed. This is a decisive response from the Government to the hardships facing businesses as highlighted in Chartered Accountants Ireland’s letter last week to 220 Members of the Oireachtas, which received national press coverage.

The Institute also wrote to the Government calling for supports for businesses forced to close due to the national health and safety restrictions: this call to action was also delivered in Budget 2021 in the form of the COVID-19 Restrictions Support Scheme. 

More information is expected on the timelines for accessing the Tax Debt Warehousing Scheme for taxpayers due to submit income tax returns over the coming months.  Revenue’s summary Budget 2021 leaflet says “The debt warehousing scheme will also be expanded to include taxpayers who self-assess for IT. The scheme is available if, because of the impact of Covid-19, they are unable to pay their IT liabilities 2019 and Preliminary Tax 2020. If filing through ROS, the normal due dates that would apply to these taxes are 31 October 2020 or by 10 December 2020, respectively. If income for 2021 is also at least 25% lower than income for 2019, the balance of 2020 IT and Preliminary Tax for 2021 can also be warehoused.”

Revenue confirmed to Chartered Accountants Ireland that details of the COVID-19 Restrictions Support Scheme will be published in the Finance Bill scheduled to issue next Thursday 22 October.