What are the "debt warehousing provisions"?

[Brendan Burgess]

I am aware that not all self-employed taxpayers can benefit from the losses
provision introduced in the July Stimulus but will have suffered a significant drop
in income and will struggle to pay their 2019 balance and preliminary tax for 2020.

Therefore, I will provide that the debt warehousing provisions be extended to
include the 2019 balance and 2020 preliminary tax to allow such taxpayers to
defer payment for a period of a year with no interest applying; 3 per cent will apply
thereafter and will attract no surcharge.

 

[Brendan Burgess]

If they have a liability for Preliminary Tax in 2020, they should be able to pay it? It means that they were making a profit?

 

[WizardDr]

Just to remind people that there are 150,000 or thereabouts who are in this magic roundabout that is self employment. Just to say that this is the total number that file returns whereas the vast majority do not file returns and have no idea of the trauma that is Preliminary Tax and Current year assessment.

The Government is beginning to understand that some large numbers of people are hired by these small companies or self employed individuals.

Basically there are certain costs call 'fixed costs' payable whether you sell a sausage or not. When the music stopped so too did the roundabout as income dried up and these costs as well as wages needed to be paid.

Somebody in Finance clearly realised that we are heading for 526,000 people being unemployed before Christmas/ and if the taxes due kept businesses alive why would you not do this?

We are heading for a massive shock.