Warehoused tax bill is not the only burden small businesses face

SMEs face challenges on a number of fronts including the increased minimum wage, sick pay, increased employer PRSI, rising input costs, and the introduction of pension auto-enrolment

The announcement in recent days by finance minister Michael McGrath about possible changes to the tax debt warehousing scheme and increased flexibility are welcome. Picture: Leah Farrell/RollingNews.ie

There has been a lot of commentary in recent weeks, particularly from the hospitality sector, in relation to tax debt warehousing and the upcoming deadline of May 1 for businesses to repay amounts owed to Revenue. 

In essence, the scheme has provided for the deferral of tax debts for businesses that experienced cash flow and trading difficulties during the pandemic.