Support Grants for Businesses Affected by COVID-19
Since March 2020, we’ve all had to adapt to a new normal. The emergence of COVID-19, the temporary cessation of trade and new regulations have had a profound impact on businesses.
Due to these unforeseen circumstances, the Government in conjunction with both Local Authorities and Local Enterprise Offices have introduced several new measures to help those in business restart the economy.
Tax Return Plus is here to help our client’s avail of any measure which is applicable to them.
Some of the Key Supports are:
Enterprise Support Grant for the Self Employed
– The main qualification criteria for this Grant is to have been in receipt of the Pandemic Unemployment Payment and have closed their claim on or after the 18th May 2020.
– Aimed at those that are self-employed but whom do not have a Commercial Premises such as RCT Construction Workers, Plumbers, Carpenters, Block layers, Taxi Drivers, Business Consultants, beautician etc.
– The costs must relate to restart costs such as Business Advice, Repairs, Fuel, Wages or Safety Measures.
– Complete the Form Covid-ESG 1 and return to your local Intreo Centre/Social Welfare Office.
2020 Income Tax Losses for Self-Employed
– Possibility of carrying back up to €25,000.00 in 2020 losses to offset against 2019 profits to generate a refund of 2019 tax paid.
– In normal circumstances losses could only be carried forward to offset future profits.
– Tax Return Plus – will assist all clients in this regard when filing their 2020 Income Tax Return.
Restart Grant for your business with Commercial Premises
– Aimed at those business that pay Commercial Rates on a Premises.
– Minimum Grant of €4,000.00 with a Maximum Grant of €25,000.00
– Businesses impacted by a 25% reduction in turnover will be eligible provided they commit to reopening and to hiring and sustaining employment.
Employment Wage Support Scheme
– Succeeds the original Temporary Wage Subsidy Scheme (TWSS)
– Aimed at Employers and new firms in sectors impacted by Covid-19 whose turnover has fallen by at least 30%
– Flat rate subsidy of €203.00 per week per employee, including seasonal staff and new employees.
Additional Support Measures
– Trading online Voucher of up to €2,500.00 to help business sell online
– Business Advice Package up to €2,500.00 from your Local Enterprise Office
– Reduction of VAT Rate from 23% to 21%
– Future Growth Loan Scheme with a capped interest rate of 4.5%
– Waiver of Commercial Rates until 27th September 2020
Not sure which of the above applies to you? That’s where we come in. For over 20 years, our Certified Accountants have been working for clients to ensure they remain tax-compliant, and to help them claim every possible measure when filing their tax returns.
Get a quick quote from our experts and let us take the stress out of your filing this year.