For the majority of businesses in the Debt Warehousing Scheme, Period 2 will end on 31 December 2022. Revenue intends to contact taxpayers in October 2022 requesting they make arrangements to repay the warehoused debt. Taxpayers must engage with Revenue before Period 2 ends to outline their plans to pay the warehoused debt.
It is possible to pay off the debt in advance of Period 2 end date at the applicable 0% interest rate. Should a Phased Payment Arrangement (PPA) be required it must be applied for through the normal online channels, with caseworker approval. Taxpayers are advised, where possible, to put PPAs in place sooner rather than postponing arrangements until later in the year.
Revenue confirmed that both warehoused and non-warehoused debt can be consolidated within the same PPA. The requirement to pay a down payment of 25% or 40% (depending on tax clearance status) applies to warehoused debt. Aware that some taxpayers may have concerns regarding inability to meet the payment schedule, Revenue confirm its approach will be flexible and pragmatic to take account of the financial circumstances of the business.