- The CRSS will run from 13 October 2020 until 31 March 2021
- Your business must continue to file all tax returns on time, hold a current tax clearance certificate and have the intention to resume the business when the restrictions are lifted
- You can claim both the CRSS and the Employment Wage Subsidy Scheme (EWSS) at the same time
- Details of taxpayers availing of the scheme will be published on the Revenue website at a later time
- CRSS will be available to both companies and self-employed individuals
- Your business must be operating from a premises wholly located in a region subject to restrictions imposed by the government, with the result that the business is required to prohibit or considerably restrict members of the public from accessing their business premises
- If, due to the restrictions in force, your business has been required to temporarily shut your premises or operate at significantly reduced levels, with the result that turnover for that period will be no more than 25% of the average weekly turnover for a period equal to the same number of weeks in 2019 (or using 2020 turnover figures for new businesses), you will qualify under the scheme
- The relief will operate as a cash payment equal to 10% of the average weekly value of the 2019 business’s turnover up to €20,000 and 5% thereafter, subject to a maximum weekly payment of €5,000, for the same number of weeks as the restricted period.
- The payment is known as an Advanced Credit for Trading Expenses and it will reduce the value of your tax deductible expenses in your tax return for the period in which you receive the CRSS payment by the amount of the payment you receive. However, the receipt of the payment will only result in additional tax where the business is in a profitable position for the chargeable period.
Example – individual operates a clothes shop in Dublin:
Date published 20 Oct 2020 | Last updated 21 Oct 2020This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
We specialise in supporting independent businesses and work with over 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.