Monday 23 January 2017

Revenue offers payment plan for struggling businesses

tax

Charlie Weston, Personal Finance Editor

Published 26/10/2011 | 05:00

THE self-employed and businesses struggling to get the cash together to pay their tax by next Monday have been told they may be able to benefit from a Revenue payment plan.

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But a spokesman for the tax authorities insisted that the tax office was not a lender of last resort and taxpayers would have to prove they have a cash-flow problem before they get access to a staggered payments scheme.

Nearly 430,000 tax returns are filed each year, with most of them filed through an agent or accountant.

A spokesman for the Revenue said it recognised that firms and individuals were strapped for cash.

Concern

"Our approach is tempered by a concern not to impose undue burdens on taxpayers experiencing temporary cash-flow difficulties. We can, and do, put alternative payment arrangements in place to help custom-ers through difficult periods."

The tax official added that where payment of the minimum amount of preliminary tax for 2011 was not possible because of cash-flow problems, then as much as possible should be paid by next Monday. The remainder should be paid as soon as possible after that.

"The effect of a shortfall on the minimum required is that the full tax debt for the year 2011 becomes due on October 31 and all payments after that carry an interest charge," the spokesman said.

Anyone who fails to get their return in on time, and does not explain this to the Revenue, will be regarded as being late and could be subjected to a 5pc surcharge on the tax owed.

Irish Independent

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