The COVID-19 pandemic has struck hard at many sectors of business. Most will find a way through the crisis through a combination of perseverance, innovation and ingenuity. Accountants, with their expertise in financial planning, accessing finance, restructuring businesses, and applying for state aid are at the forefront of helping businesses. Accountants should develop an expertise and a familiarity with these resources.
To support our members, we have put in place a range of information. As most businesses will need finance, access and availability of adequate and timely finance will be crucial to the economic recovery going forward. On this page we provide a guide to the broad and expanding range of capital supports available. Some are schemes offering working capital loans or grants; others are for industry sectors particularly hard hit by the crisis.
We have gone through the key supports available and categorised them in a format that is useful to an accountant seeking to identify the most appropriate form of finance. Please note that this list is not comprehensive and that the supports available are constantly changing. Members are advised to keep an eye on developments and refer to the source documentation where necessary.
Last updated: 11 February 2021
Tax
We continue to update the Temporary Wage Subsidy Scheme page and the Latest Updates webpage as new changes emerge.
Supports for Taxpayers and Agents (ROI)
Revenue Commissioners: measures in response to COVID-19
Continue to file tax returns on time and engage with Revenue. That is the advice to businesses navigating the trading difficulties caused by the impacts of COVID-19. Small and medium enterprise (SMEs) dealing with trading and cash flow difficulties will not have the added worry of statutory interest charges. Revenue announced that interest will not be applied to late tax payments of VAT for the January/February period due by 23 March or employer PAYE liabilities for the months of February and March. Revenue also announced that the payment date for local property tax will be deferred until 21 May for certain homeowners.
COVID-19: reporting and filing compliance
Revenue published guidance on the specific measures introduced for employers and employees regarding compliance with certain reporting and filing obligations and the satisfaction of certain other tax related conditions.
COVID-19: Information and advice for taxpayers and agents
Revenue’s guidance to assist taxpayers and tax agents who are experiencing a range of difficulties caused by the impacts of COVID-19 deals with some of the common queries raised by members. The Institute will continue to engage with Revenue, the Department of Finance and other key government agencies over the coming weeks. We are reporting key updates in our special email bulletins, and all updates are available on our dedicated COVID-19 Hub. The Hub collates information, guidance and supports from across the Institute to keep members informed and help prepare and respond to the challenges presented by COVID-19.