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The most important thing is that even if you can’t pay now you need to file your VAT returns as normal.

Revenue has suspended interest on late payments for January/February VAT liabilities and failure to pay this liability on time will not affect your tax clearance status.

This suspension of interest also relates to some other tax returns including any payroll liabilities that are due for both February and March wage payments to staff.

Once your business is back on its feet you can also apply for a phased payment arrangement with Revenue in terms of any tax liabilities that you were not able to pay as they fell due. You can apply for this phased payment arrangement through ROS.

 

Date published 18 Mar 2020

This 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.

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