Covid-19 Business Supports Update – January 2021

Employment Wage Subsidy Scheme (EWSS) – Important update from 1 January 2021

From 1 January 2021, the period for determining eligibility for EWSS will be Q1 and Q2 of 2021 compared with the same period in 2019.

To qualify for the EWSS, as well as having tax clearance, employers must demonstrate that their business will experience a 30% reduction in turnover or customer orders as a result of COVID-19.The rate of subsidy under the Employer Wage Subsidy Scheme was revised last October to support businesses impacted with Level 5 restrictions. The Government have extended the enhanced rate of subsidy until the end of March 2021 to cover the current period of public health restrictions.

Employee Gross Weekly Wage Subsidy Payable
Less than € 151.50 Nil
From € 151.50 to  €202.99 €203
From € 203 to  €299.99 €250
From € 300 to  €399.99 € 300
From €400 to €1,462 €350
More than €1,462 Nil

Covid Restrictions Support Scheme (CRSS)

The key features of the scheme are:

To register for CRSS, the eligible business must:

 A qualifying person will be able to make a claim to Revenue under the CRSS for a cash payment to be known as an “Advance Credit for Trading Expenses”. This payment will be equal to 10% of their average weekly turnover in 2019 up to €20,000 and 5% thereafter, subject to a maximum weekly payment of €5,000, for each week that their business is affected by the COVID-19 restrictions.

Weekly Turnover Rate Amount
First €20,000 10% €2,000
Next €60,000 5% €3,000
Maximum payment   €5,000

Warehousing of tax liabilities

The Debt Warehousing Scheme allows VAT and PAYE (Employer) debts incurred by businesses during the period of restricted trading caused by COVID-19 to be ‘parked’ on an interest-free basis for 12 months following the resumption of trading.

At the end of the 12-month interest-free period, the warehoused debt may be paid in full without incurring an interest charge or paid through a phased payment arrangement at a significantly reduced interest rate of 3% per annum. This compares to the standard rate of 10% per annum that would otherwise apply to such debts.

The scheme was expanded in the Finance Act to provide similar arrangements for self-assessed income tax debt and Temporary Wage Subsidy Scheme overpayments.

Commercial Rates Waiver

The Waiver in connection with Commercial Rates for those businesses impacted by COVID-19 has been extended for the first quarter of 2021.

More detailed information can be found on the Revenue

OSK Accountants are available to support your business - please email your Manager or Director or call 014394200. OSK are one of Ireland's leading acounting and tax firms.

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