Kim Doyle, Tax Director with Grant Thornton is joined by James McMahon, Tax Director and R&D specialist with Grant Thornton.
In this edition of Tax Time Kim discusses the COVID-19 support schemes and the key changes that have been brought in to assist businesses deal with the impacts of COVID-19 in 2021.
The impacts of Brexit and the key actions discussed recently with businesses are also covered.
James answers Kim’s questions on the research and development regime in Ireland and provides insight into how business undertaking research and development may avail of this valuable tax relief and the potential challenges for these businesses in 2021.
More info on the covid schemes -
The scheme is in operation since 1 sept 2020. Two key changes were brought in for 2021; one more than the other is generating a lot of queries; that is the change to the employer eligibility criteria. The second change relates to the subsidy rates.
Listen to this issue of Tax Time and go to our bulletin for more information.
This scheme introduced in March 2020 and expired at the end of August 2020.
The big news here is the issuing of Preliminary End of Year Statements by Revenue to all employees in January via their online MyAccount service. Of particular interest is for those employees whose employer claimed the TWSS on their behalf, such employees may have an income tax and universal social charge liability in respect of the TWSS amounts, the statements will show if there is a tax underpayment, overpayment or balanced position for 2020.
One of the main discussion points in recent weeks is the options to pay the income tax and USC arising on the TWSS amounts. Listen to Tax Time to hear about this topic and read more on our website.
This scheme gives certain taxpayers the ability to defer or ‘park’ certain tax liabilities. It has been operational since March 2020. Now in 2021, taxpayers who qualify for the scheme can continue to warehouse current VAT and PAYE (Employer) liabilities and Temporary Wage Subsidy Scheme (TWSS) overpayments arising during the COVID-19 pandemic.
The terms of the scheme remain the same.
You can learn more by listening to Tax Time and reading the bulletins on our website.
Introduced on 13 October 2020 and is due to end on 31 March 2021.
Up take of the scheme has not been what was expected by the Government back in October last, one of the factors for this is that the scheme excludes many businesses who are suffering a significant reduction in turnover but fall foul of the other conditions.
Hear in Tax Time about the terms and conditions that must be satisfied and how the scheme works to support businesses that do qualify. Read more on the CRSS on our website.
Our Grant Thornton COVID-19 Supports Team
Our dedicated team has quickly developed their knowledge and expertise on the range of schemes and measures introduced by the Government to support businesses deal with the impacts of the COVID-19 pandemic.
The schemes and measure are evolving due to the changing business environment and public health restrictions. Our team works to keep on top of the latest developments and continuingly acquire key insights into the technical and practical difficulties for businesses. We help our clients identify and avail of the schemes and measures that best suit their needs while ensuring that all terms and conditions are fully satisfied.