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Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
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Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
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Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
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Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
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The Covid Restrictions Support Scheme (“CRSS”) is a targeted support for businesses significantly impacted by the Government’s Covid-19 public health restrictions. Registration for the scheme opened earlier this week and so far approximately 2,200 businesses have registered.
What is the CRSS?
Under the CRSS, companies, self-employed individuals, and partnerships carrying on a trade or trading activities can apply to Revenue for a cash payment up to a weekly maximum amount of €5,000 in respect of an “advance credit for trading expenses”.
The trade must be operated from a business premises located in a region subject to the Government’s Covid-19 restrictions, this generally means restrictions at Level 3, 4 or 5 of the Government’s Plan for Living with Covid-19. However, certain businesses may qualify for the support where lower levels of restrictions are in operation.
The scheme is running from 13 October 2020 and it expected to end on 31 March 2021. Under the Government’s ‘Resilience and Recovery 2021 – the Path Ahead (23 February 2021)’ the scheme is extended until 30 June 2021.
How to qualify for the CRSS
Amount that can be claimed
Qualifying businesses will be able to make a claim to Revenue under the CRSS for a cash payment in respect of an “Advance Credit for Trading Expenses” or ACTE. This payment will be equal to 10% of their average weekly turnover in 2019 up to €20,000 and 5% thereafter, subject to a maximum weekly payment of €5,000, for each week that their business is affected by the Covid restrictions.
For businesses established between 26 December 2019 and 12 October 2020, the claim will be based on their weekly average turnover in the period between the date of commencement and 12 October 2020 (subject to the weekly cap of €5,000).
It is worth noting that the maximum amount to be claimed is on a “per premises” basis. Hence for example a business with two separate premises in different counties would be entitled to a maximum of €10,000, with the performance of each premises looked at separately in assessing entitlement to the CRSS.
How to register for the CRSS
Making a claim
Once registration is complete, a claim can be made through Revenue Online Service (“ROS”) as early as the beginning of the claim period, but no later than 8 weeks from the date on which the claim period commences. A claim can be made for each claim period in which the eligibility criteria is satisfied. A new claim will be required for each claim period.
Revenue have informed us that a claim portal will be available on ROS in mid-November. Information on the business as well as a declaration of eligibility will be required with the claim. Revenue may also request documentation to substantiate the claim at a later date.
Learn more
Contact your Grant Thornton adviser to discuss your eligibility for the CRSS and how we can assist you with making a claim.