Revenue confirms that debt warehousing remains available to businesses and self-assessed taxpayers
Updated 13 January, 2021
The Debt Warehousing Scheme allows tax 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.
Covered under the scheme:
- PAYE (Employer) and VAT tax debts arising from the COVID-19 crisis
- Self-assessed income tax amounts (balance of 2019 Income Tax liability and 2020 preliminary tax)
- Temporary Wage Subsidy Scheme overpayments.
- It remains a requirement of the Debt Warehousing Scheme, that businesses need to file all relevant tax returns for the restricted trading period(s) so that the exact tax debt can be quantified and included in the scheme.
- The terms of the scheme remain the same in that access is automatic for SMEs and on request for larger businesses
If you need any assistance with debt warehousing or any aspect of financial planning, do get in touch with us at firstname.lastname@example.org or call us on 0818 303 087.
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