Businesses must ensure their own viability when repaying warehoused tax debts

From January 1, businesses must start repaying any tax debts parked during Covid, April 30 for hospitality and entertainment

Paul O’Connell, managing partner of Quintas, the Cork-based accounting firm.

Business owners will need to build viability for their own operations into the warehoused tax debt repayment plans they present to Revenue later this year, says one leading industry advisor.

Having availed of the Debt Warehousing Scheme during the pandemic, almost 105,000 businesses temporarily ‘parked’ certain Covid-19 related tax debts on an interest-free basis in respect of over €3bn in tax debts.