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Revenue Commissioners update

Irish Revenue Commissioners have advised that all SMEs experiencing cashflow difficulties should continue to submit tax returns on time. They have advised that the application of interest charges will be stalled for VAT Jan/Feb returns and Feb & Mar PAYE (Employer) liabilities and debt enforcement activity will be suspected until further notice. They have advice that the RCT rate review will not now go ahead in March 2020 and is suspended. If cashflow for paying tax bills is going to be an issue then Revenues advice is to engage with them early. Revenue spokesperson has said "It is important that businesses know that we will work with them to resolve their tax payment difficulties. With early and meaningful engagement, we can generally agree payment arrangements that are acceptable to both the business and Revenue. This gets the affected business successfully beyond the payment pressure point and keeps a good tax compliance record on track.”

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Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.