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This new €330m Scheme is to help businesses respond to the ongoing impacts of Brexit. The Brexit Impact Loan Scheme (BILS) is a successor to the Brexit Loan Scheme and provides low-cost loans to eligible Brexit-impacted businesses. The scheme is now being offered through many banks and credit unions. What can the loan be used for? These loans can be used to invest in new technologies, necessary upgrades or changes to the business, or even new staff. It can also be used...

The 2022 budget is being promoted as business friendly by the government. There are plans to attract more foreign direct investment into Ireland with money going to IDA, Intertrade Ireland and many other state agencies to promote innovation and help businesses focus on digital technology. Below is a summary of the main tax changes that will impact your businesses and their employees. For Business 12% Corporation Tax rate to remain for SME’s Businesses with a turnover of less than €750m will...

In this newsletter, we look at the new BRSS and what businesses are eligible to make a claim. At the end, you’ll also find a sample calculator to calculate how much you can claim. To claim BRSS, you must self-declare to Revenue that the business is actively trading and intends to continue to do so and is up to date with all VAT obligations. Another key point is that the business has not claimed the CRSS for any week that includes the...

EWSS Eligibility Review to be completed on ROS going forward This update follows on from our Blog at the start of July. Revenue have issued an update on this which sets out a new eligibility review process that employers claiming the subsidy must complete. NEW - Initial Eligibility review The initial Eligibility Review for the June period which will be used to assess eligibility for pay dates from 1 July needs to be completed and submitted online between 21 and 30 July 2021....

Revenue have commenced Employment Wage Subsidy Scheme (EWSS) compliance checks. Revenue is now issuing letters to employers with a 7 working day turnaround deadline to submit all the necessary documentation requested. See below for a sample letter from Revenue Requirements: Send in copy of payslips for a selection of staff.Provide details of who runs your payrollCopy of bank statements for the relevant periods. Warning! If all compliance actions are not completed within the 7 day timeslot, Revenue have stated...

To qualify you must have a valid tax clearance cert and meet the reduction in turnover (or customer orders) test. Subsidy Rates from 20 October 2020 to 30 September 2021 Criteria to qualify: Business has experienced significant negative economic disruption due to COVID-1930% decline in turnover or customer orders over a 12 month period (2019 V 2021) This is operated on a self- assessed basis and on the last day of every month, you must complete a review to make sure you continue to...

While the full details have yet to be revealed we do know the key elements of the plan and we look to see how these will impact businesses in Ireland What’s New? Business Resumption Support Scheme (BRSS) To be implemented in September 2021, this new scheme is aimed at helping businesses that have been significantly impacted by the pandemic since March 2020. Eligibility will be for businesses who have seen their turnover reduced by 75% when comparing Sept 2020 to August...