The Covid Restrictions Support Scheme (CRSS) is now open for registrations on ROS.
Key points of the scheme :
Companies, self-employed and partnerships can qualify where their business has been impacted by Covid 19 restrictions
Scheme applies to trading business operating from a business premises (see below). Rental, professional services, and charities appear to be excluded.
Turnover (including turnover from online sales or takeaway/delivery) during the “restricted period” must be no more than 25% of the average weekly turnover in 2019 for a similar period of weeks.
Restricted periods are periods where Covid 19 restrictions force a business to close or significantly restrict customer access to the business premises
CRSS weekly payment is calculated as 10% of the average weekly turnover for 2019 (up to weekly max turnover €20k) and 5% thereafter, subject to an overall maximum CRSS payment of €5,000 per week. E.g. Qualifying company with turnover of €1m in 2019 would receive a weekly CRSS payment of €1,923.
A business can withdraw or reduce their CRSS claim without interest or penalties arising where the amendment is made ‘without delay’.
The scheme is to operate from 13 October 2020 to 31 March 2021.
While the registration process is open claims for payment of CRSS cannot yet be made, it is expected that the claims process will open in mid-November.
As part of the registration a business will need to confirm the following to Revenue:
Address of the business premises (including EIRCODE)
Average Weekly Turnover figure for 2019 (January to December 2019)
Total VAT on sales per VAT returns (January to December 2019)
Signed agent link for CRSS (if submitted by the tax agent)
Valid tax clearance
The Revenue’s guidelines outline the types of businesses which are expected to qualify for the Scheme:
Commercial wedding venues
Commercial indoor and outdoor events
Commercial sporting events
Gyms, leisure centres and swimming pools
Museums, public galleries and other similar cultural attractions
Bars, cafes and restaurants (including Hotel bars, cafes and restaurants)
Pubs, Nightclubs, discos and casinos
Hotels, B&B’s, Guesthouses and similar accommodation providers
Retail (e.g. clothing, toys, specialist stores)
Commercial park, commercial children’s play centres and theme parks
If you would like to discuss the above scheme and how it may apply to your business please contact us.