Tax Liabilities

While we confirmed in earlier articles, you could withhold PAYE and VAT payments since January, Revenue have now further confirmed that the liabilities unpaid, need not be repaid for 12 months AFTER the recommencement of trading, and no interest shall accrue during this time. After that period, the business can then enter into an Installment Agreement and avail of reduced interest of 3% – this is a significant gesture.