Being informed about the latest financial news and important changes to legislation is essential when running a business.
Resilient taxes can’t match ballooning Government spending
The amount of tax collected has continued to defy the scale of the pandemic economic crash as shown by new exchequer data. However, there is still reason to be worried as it is nowhere near enough to fund Government expenditure.
Exchequer deficit climbed to €9.5bn by end of August
The public finances recorded a deficit of €9.5bn at the end of August. This is an €8.8bn deterioration from the same time last year and is the result of an overall 28% increase in government spending.
Revenue confirms 22,000 employers registered for Employment Wage Subsidy Scheme
According to The Revenue Commissioners, more than 22,000 employers have registered for the Employment Wage Subsidy scheme. However, in order to qualify for the scheme, employers must have tax clearance.
Workers on Covid-19 benefit payments face tax bills
Taxback.com Taxpayer Sentiment Survey revealed that 57% of its respondents receiving either the Temporary Wage Subsidy Scheme or Pandemic Unemployment Payment, are not aware that they will face tax bills of between €150 and €2,828 by the end of the year.
Revenue reveals further cashflow help for businesses
Measures have been taken to further assist companies with cashflow difficulties. There has been a suspension of late payment interest on May and June VAT liabilities normally due in July for all SMEs, (Small and medium sized firms (SMEs). Larger businesses will have to request it by contacting the Collector-General’s office if they want to avail of it.
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