Last Updated: 21st May 2020
Revenue have suspended debt collection (i.e. enforcement) of the following tax payments in 2020:
1) VAT’s for: January/February, March/April and May/June 2020
2) Payroll Tax returns: February through to June P30 Liabilities
In addition Revenue will warehouse the debt for a period of 12 months, being the above debt and any future debt while the business was unable to trade or was trading at a significantly reduced level, plus an additional two months of tax debt to allow the business get back some positive cash flow.
While we await the legislation to be published, “trading at a significantly reduced level” is likely to mean sales activity to be down by at least 15% – 25%.
Covid-19 tax debts will be ‘warehoused’ for a period of 12 months interest free, and if an additional instalment repayment agreement is required after this period has elapsed, interest will be charged at the lower rate of 3%.
Tax clearance will not be affected.
We will update this note when we have legalisation clarifying the matter.
Last Updated 23/10/2021 – 18.15
Landline number 044 967 5002 – See the table below for staff extensions.
Due to staff remote working we have commissioned a cloud PBX so you can contact some of the team as per the below table or indeed they can contact you all via an app on their phone thanks to BlueFace.com.
You can leave a voicemail with each team member on the system and they are collected by one person and the team member notified and message shared with them with the audio of the voicemail via an email. There is also an out of hours voicemail.
You can call our team directly as well when you call to their extensions from the table below.
For ease of reference we have listed below the staff on the system as follows:
Due the increased risk of carrying Covid19 from store to store collections are still suspended till further notice we ask that you post the records to the office from 12th June 2020 as some of most of our team are back in the office from Monday 15th June.
Royal Canal Financial Control Services
Office 1, Eastwae Retail Centre
Last modified: 30th March 20 00.16
Please note the following advice is summarised from Revenue website and guidelines given, it is only intended to give you an idea of the scheme and we will always encourage you to come speak with us directly to we can assess your own businesses situation
The information that follows is based on the terms of the Emergency Measures in the Public Interest (Covid-19) Bill 2020 (As passed by Dáil) which was recently published.
Employers are asked to keep employees on the payroll during this emergency and to maintain 100% or a significant part of their income for the period of the scheme. This is currently 12 weeks from 26th March 2020 but can be extended if required.
Please note that in April the scheme will move to pay only 70% of the normal weekly pay of each employee to a max of €410, as per Revenue no later than 20th April that Revenue will pay the subsidy. Normal weekly wage is based on the average weekly earnings from January – February (i.e. insurable weeks average to 29/02/2020).
Do I qualify for the scheme?
What does it mean if I qualify from above list?
Other notes on the scheme not mentioned already
Further details can be found on the Revenue website here
If you think you meet the conditions or wish to find out more please contact us. So we can discuss this with you and get it set up on your payroll for you.
Further Notes on how to Determine my turnover being down 25%
Revenue have issued some detailed guidance. They have based it on a “honesty” principal and self assessment, this means we need to keep on file our notes and workings on how we determined the reduction.
To calculate the reduction of turnover Revenue are using Q2 2020. This can be a decline in orders as well in March 2020 versus February 2020.
The requirement to be unable to pay other outgoings: – a business with cash reserves can now apply this scheme, we had thought when first announced this was an issue but Revenue have updated their guidance on this and they will continue to do so.
You need to demonstrate that any cash reserves in the business is to fund debt. That is to say the debt is equal or greater to cash reserves.
Revenue have also stated that where there is strong cash reserves and that they are not required to fund debt, will still qualify for the scheme but the Government would expect that they employer continue to pay a significant proportion of the employees’ wages.
As with all the above as this is a very fluid situation we will keep ourselves updated and update the website for your information, so please check the FAQ page and we will note there if there is an update.
Updated 29th March 20 @ 15.3
This loan is available via AIB, Bank of Ireland and Ulster Bank.
Amounts €25,000 to €1.5m
Max Interest Rate 4%
Loan Term 1 year to 3 years
Unsecured loan up to €500,000
Optional Interest only repayments at the start of loans
What can the loan be used for
Future working capital requirements
To fund innovation, change or adaptation of the business to mitigate the impact of Covid-19.
The business is impacted by the Covid-19 virus resulting in business turnover/profitability being negatively impacted by a minimum of 15%
The steps to apply
Apply online via the below website, obtain an eligibilty letter from SCBI and then apply direclty with the bank, as the banks are responsible for
Here at Royal Canal FCS, we have applied for similar SCBI schemes are familar with the process, if you feel you are entitled to the above please contact Joe or Ronan and we can discuss further with you.
Click here to return to the FAQ’s
Emilia joined the team in October 2019.
8 October 2019
Last Updated: 8 October 2019
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
Personal Taxation (from 1st January 2020)
• REMINDER: The proposal to increase the minimum wage to €10.10 per hour from January 2020 is only being brought to Cabinet this week, and does not form part of the Budget day announcement.
•Dividend Withholding Tax (DWT) to increase from 20% to 25% from 1st January 2020. DWT is considered a payment on account with Revenue, where the 25% tax rate is now a more accurate average amount due when USC etc. is considered.
• €1.2 billion package announced to respond to Brexit. Key areas: Agriculture, Enterprise, Tourism, Social Protection.
• Rainy Day Fund of €1.5bn created due to likelihood of a no deal Brexit.
• Non-residential property stamp duty rate increased from 6% to 7.5%. Transitional arrangements where the instruments are executed before 1 January 2020 where a binding contract existed prior to 8th October 2019.
•Monthly threshold for the Drugs Payment Scheme reduced by €10 per month.
• Medical card income threshold increased.
• Free GP care for children under eight, and free dental care for children under six.
• Additional €80m for the Housing Assistance Payment scheme.
• 100% Christmas Bonus in 2019.
• Limited increases in weekly social welfare payments: One Parent Family Payment + €15, Qualified Child Payment +€3 for children over 12, and +€2 for children under 12.
|Budget 2020||Budget 2019|
|Capital Gains Tax Rate||33%||33%|
|Capital Acquisitions Tax Rate||33%||33%|
|Income Tax Rates|
|39% (39% – where payments made less frequently than annually)||39% (39% – where payments made less frequently than annually)|
|Home Carer Credit||€1,600||€1,500|
|Earned Income Tax Credit||€1,500||€1,350|
|Single/widowed with dependent children||€39,300||€39,300|
|Married -one income earner||€44,300||€44,300|
|Married – two income earners||€70,600||€70,600|
|Contribution Ceiling||No limit||No limit|
|Universal Social Charge|
|€ 0 – €12,012||0.5%||0.5%|
|€12,013 – €19,874||2.0%||2.0%|
|€19,874 – €70,044||4.50%||4.50%|
|€70,044 – €100,000||8%||8%|
|Self employed income > €100,000||11%||11%|
|PAYE income in excess of €100,000||8%||8%|
|Age >70/medical card holders with income < €60,000 – Max rate||2.0%||2.0%|
Whilst every care has been taken in the production of this budget summary, neither Royal Canal Financial Control Services nor Ronan Duffy and Co. can be held responsible for any action taken or deferred, resulting from any errors contained therein. For a more comprehensive summary please refer to the government press release.
Robyn joined the team in September 2019.
Tanya joined the team in August 2019.