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Welcome Extension to the Revenue Debt Warehousing Scheme

Welcome Extension to the Revenue Debt Warehousing Scheme

News has emerged that the revenue has announced a 12 month extension to the Debt Warehousing Scheme. They said that this is to support businesses due to what they call “the current challenging economic situation for businesses”.

What does is mean for your business?

If your company has warehoused revenue debt under the Debt Warehousing Scheme, it now has a 12 month extension before it must enter into a phased payment arrangement with revenue.

This has been a major worry for may business owners who have been struggling with many challenges facing their businesses in the last 12 months.

The new deadline will now be 31 December 2023 or 1 May 2024 for those subject to the extended deadline.

Businesses will also be able to avail of the favorable fixed 3% interest rate from 1 January 2023. In light of interest rate hikes on lending that are happening and look to increase, this will be very welcome news.

Revenue will be writing to all businesses in the Debt Warehousing Scheme in December. In this they will advise them of the extension and provide them with a summary of their liabilities under the scheme.

There is currently €2.58 billion of revenue warehoused debt.

This will provide certainty for many business owners and allow them to focus on improving their businesses profitability. They can free up cash that would have been ear marked for the upfront “down payment” required as part of the Phased Payment Agreement.

One important point to remember is to keep up to date with current returns and payments to ensure qualification for the scheme.

No doubt more detail will appear in the coming days.

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Solve Outsource is a registered tax agent with the both the Irish Revenue and HM Revenue & Customs in the UK. Solve takes every measure to ensure security and confidentiality with round the clock backup and firewall protected servers.

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