Return to site

What is the Revenue Tax Debt Warehousing Scheme?

· Costs,Cloud Accounting,Small business,Bookkeeping

The following is some information about the Revenue Tax debt warehousing scheme:

There are 9 key items I would like to share with you:

1. The tax debts covered are VAT & PAYE liabilities from the COVID19
restricted trading period.

2. VAT liabilities for the periods January/February, March/April and
May/June 2020.

3. PA YE liabilities for the months February, March, April, May and June

4. You must file returns for these periods, but no interest will be charged
on late payment, and no debt enforcement will take place.

5. The period covered will also include the 2 months after the business
recommences 'normal' trading. This will vary from business to business.

6. VAT & PAYE liabilities incurred while the business was unable to trade
or subject to restricted trading, and during the 2 months after, will be 'ringfenced'.

7. This ring-fenced tax debt will be 'warehoused' for 12 months. No interest
will be charged during this 12 month period.

8. Businesses must pay current tax liabilities as they fall due during this

9. After the end of the 12 month warehousing period, a reduced interest
rate of 3% per annum will apply to the warehoused tax debt.

Would you like to learn more? 

Please book your consultation below and one of our team will be in touch to answer questions and provide details.

All Posts

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!