April Fools – Forewarned in Forearmed
It’s no joke for business owners!
There are some key changes coming, that business owners need to be aware of. The first of these is the new statutory sick pay and the other is of is an important notice from Revenue if you are availing of the Revenue Debt Warehousing scheme.
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New Statutory Sick Pay
3 days in 2022, then rising to 10 days by 2026.
The new scheme will start with three days per year once the Bill is enacted, rising to five days in 2024, seven days in 2025, and ten days in 2026.
Sick pay will be paid by employers at a rate of 70% of an employee’s wage, subject to a daily maximum threshold of €110. The daily earnings threshold of €110 is based on 2019 mean weekly earnings of €786.33 and equates to an annual salary of €40,889.16.
An employee must obtain a medical certificate to avail of statutory sick pay, and the entitlement is subject to the employee having worked for their employer for a minimum of 13 weeks.
Don’t lose your entitlement to avail of the Revenue Debt Warehousing Scheme?
This week, Revenue are issuing Important Information Notices to taxpayers who are availing of the Debt Warehousing Scheme. Where the business is fully up-to-date with their tax returns, they will receive a notice which will include a schedule of warehoused debt as at the date of the notice, broken down by tax type, period and the amount of debt warehoused
If your business has outstanding returns, this notice will include a schedule of all outstanding returns for each applicable tax type and period. These returns must be filed before revenue will confirm a schedule of warehoused debt. IMPORTANT -> Revenue’s notice advises that if the outstanding returns are not submitted by 30 April 2022 the taxpayer will lose the benefit of the warehousing scheme. This will result in the debt being due immediately and the loss of the 0% and 3% interest rates. In short, make sure all your returns are up to date and correct by the 30 April 2022. Sample revenue notice can be found HERE.
Don’t try and do everything yourself …
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Interested in finding out more about outsourcing your accounts? Check out our earlier blog that talks all about the risks and benefits of outsourcing your accounts.
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