Deputy John Paul Phelan
Businesses in Kilkenny with reduced turnover as a result of public health restrictions have been encouraged to register for the new Business Resumption Support Scheme (BRSS) by Fine Gael TD John Paul Phelan.
Qualifying businesses will be able to apply to Revenue for a cash payment, representing an advance credit for trading expenses that are deductible for income and/or corporation tax purposes, Deputy Phelan said:
“The BRSS is a general scheme and is open to any vulnerable but viable business businesses whose turnover remains impacted as a result of public health restrictions, particularly in sectors that were significantly impacted throughout the pandemic, even during periods when restrictions were eased. Businesses who previously availed of other schemes such and SBASC and the Tourism Business Continuity Scheme for example as well as CRSS will be eligible to apply provided they meet the qualifying criteria. However, businesses eligible for the CRSS on 1 September 2021 will be paid the CRSS and will not be eligible for the BRSS. They may also be eligible for “restart weeks” under the CRSS."
Deputy Phelan said the scheme does not require physical premises so businesses such as taxi drivers, on course bookmakers, wholesalers and suppliers who were not eligible for CRSS will be able to benefit, providing they meet the eligibility criteria:
“Payments will be calculated on the basis of 3 weeks at 10% of the first €1m in turnover per week and 5% thereafter, based on average VAT exclusive turnover for 2019, and will be subject to a maximum payment of €15,000. Businesses will be required to have tax clearance and payment will be conditional on the business actively trading on 1 September with an intention to continue to trade.”
Full details of the eligibility criteria are available on the Revenue website but the main criteria are as follows:
· Businesses must be able to demonstrate that their turnover reduced by at least 75% during the period 1 September 2020 to 31 August 2021 compared with the reference turnover period which for the majority of businesses will be 2019.
· The profits of the trade, or trading activities of the business, must be chargeable to tax under Case 1 of Schedule D.
· The business must possess a valid tax clearance and continue to maintain tax clearance for the duration of the application period.
Charities and certain approved sporting bodies that were not able to benefit from the CRSS will also be eligible for the BRSS subject to meeting the other criteria.
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