Revenue Agreement Is it Likely?

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Bus Woman

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Hi all, I am in the process of writing to the Revenue to hopefully come to an agreement with them :- I am stilll trading just about and we are doing our very best to keep people employed, My questions are:-

(1) Do revenue offer agreements longer than over a 6 month period, would they
offer longer, a 6 month period would seriously cripple my business.

(2) Can you sit down face to face with someone from Revenue who has
authority?

Any help or advice on how to best approach this would be great.

Thank you all so much.
 
In my experience, Revenue's standard deal is a 25%-40% downpayment, and then repayments over 12-24 months with interest accruing at circa 10% per annum. In cases where tax clearance is required, Revenue generally push for a 40% downpayment. In reality, downpayments of 20% and repayment terms of 36 months can be agreed. All of the above are subject to the keeping of all taxes up to date as part of the agreement.
 
Not only will they do it, they also have a new code of conduct that allows specifically for this situation.

They will want you to show that you cannot get the funds from another source (bank etc) and once you can show this and the fact that the business is sustainable, you will have no problem whatsoever.

It is possible to get up to 24 months from them in certain circumstances, though 12 months is probably more likely. - Also ensure that is you have certain months that trade is traditionally very slow, that the repayments reflect this.

They will probably fence off the amount currently due - do a payment schedule on it with condition that future returns are made & paid on time.

As for sitting down with someone - that won't be a problem either and an agreement can be agreed & implemented by that person.
 
Revenue Agreement

Bus Woman said:
Hi all, I am in the process of writing to the Revenue to hopefully come to an agreement with them :- I am stilll trading just about and we are doing our very best to keep people employed, My questions are:-

(1) Do revenue offer agreements longer than over a 6 month period, would they
offer longer, a 6 month period would seriously cripple my business.

(2) Can you sit down face to face with someone from Revenue who has
authority?

Any help or advice on how to best approach this would be great.

Thank you all so much.
Click to expand...

Hello Bus Woman,

I am sure, if you are open with Revenue and provide as much detail as requested, you will find them amenable to working out an agreement.

I have - anecdotally - heard of agreements between 12 and 24 months, depending on circumstances and depending on how much you can pay upfront.

They do charge interest (I think it is 11%, but not sure) and it is extremely important that you meet the payment and in the meantime keep all other taxes (VAT, PRSI etc) up to date.

I would recommend to speak to your accountant. They will have dealings with Revenue on a regular basis and have a good idea what is achievable and how to present your figures to get the best possible result.

Best of luck and I am sure it will work out.

Cheers,
Rudolf289
 
Bus Woman said:
(2) Can you sit down face to face with someone from Revenue who has
authority?

.
Click to expand...

Yes you can, it is difficult to find that person but if you persist you will eventually get the right person. The rest of revenue that you meet on the way are a 'system' put in place to prevent you getting to the right person who will make the decision. I have a relation (not in trade) who had tax completely written off last year.
 
Thank you all so much for your advice, I will contact Revenue now with a little more confidence becasue of you all.
 
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