Tax Warehouse Ireland - Thrive Financial & Business Consultancy

To help clients put structure in place to make repayments on the tax warehoused during Covid-19.

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With Thrive Financial we can analyse all costs and potential tax savings to build a financial buffer to take advantage of this opportunity to create long term financial security.

Thrive Financial bring a full suite of financial solutions for businesses who understand they need to make changes and want to adapt to these trying times and come out the other side stronger and take advantage of the businesses who will fail as they’re unwilling to adapt and thrive as they do not understand their financials.

By knowing and understanding your financials then we can put a repayment plan in place with Revenue. How Thrive Financial achieves this is by getting under the hood of the clients business and analysing the figures and drive down existing costs to free up capital to make tax warehousing payments.

Have you Planned out your Payments for the Debt Warehousing Scheme?

During the pandemic, the Government introduced a number of measures to help companies and individuals who were facing cashflow difficulties.

One of the helpful and widely used measures introduced was the debt warehousing regime whereby companies and individuals could warehouse their VAT, PAYE and Income Tax liabilities that occurred before 31 December 2021.

The main points of the debt warehousing scheme were as follows:

The scheme allowed for the deferral of unpaid VAT and PAYE debts for businesses restricted from trading due to the Covid-19 pandemic for a period of 12 months after a business resumes trading.

The debt warehousing scheme also applied to Income Tax. This allowed for the warehousing of the Income Tax liability falling due on 31 October 2021 which comprised of the balancing payment due for the 2020 Income Tax year and Preliminary Tax due for 2021 Income Tax year.

The debt warehousing scheme was also expanded to include the recovery of any overpayment of the TWSS and EWSS which was paid to employers during the pandemic.

Debt warehousing

Thrive Financial are here to help you save costs overall and put a roadmap in place now to help you make repayments and clear the debt. Now businesses will benefit from an extension of the Debt Warehousing Scheme to 1 May 2024 and will still be able to avail of the reduced 3% interest rate from 1 January 2023, as opposed to the general interest rate of 10%, when they come to pay the debt.

Cash Flow Management

Revenue have advised that anyone who will have outstanding debt in place going into 2024 will be required to contact Revenue with a payment plan before the end of 2023 outlining how they intend to pay the outstanding liabilities to Revenue. Given we will shortly be entering the second half of 2023 companies should begin thinking about their cash flow management now and the PPA proposal they intend to put forward to Revenue before the end of the year.

How Thrive Financial can Help?

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Thrive Financial has a team of accountants and bookkeepers who will help you understand your financials this the business owner can make better informed decisions.

Irish SMEs face challenging economic and business environment in which they are operating but there always opportunities and by utilising
Thrive Financial finance department we will show you how to save on
costs and have real time financial information to make information
decisions while keeping UpToDate on your accounting.

Lean strategies to cut costs
Outsourced rather increasing headcount
Organise information
Cut expenses where possible
Save on time to concentrate on key areas
Eliminate all mistakes on payroll and invoicing
Decrease Creditors
Missed opportunities for tax deductions

With Thrive Financial we can analyse all costs and potential tax savings to build a financial buffer to take advantage of this opportunity to create long term financial security.