Introduction
by Tim McCarthy
 

Welcome to the Summer edition of our newsletter.

 

It goes without saying that the last number of months have been challenging and have had a significant impact on all, both personally and professionally, with few sectors having escaped unscathed.  We at Quintas have worked remotely, supported by great technology (thanks to our IT experts Adapt IT) during this time so we could continue to support and advise our clients and ensure the delivery of the high quality service expected of us. We remain completely committed to helping you and your business during this extraordinary time.

 

Our priority over the last number of months has been to protect and support all of our clients. Since the start of these unprecedented times, we have been closely monitoring the situation and taking action to mitigate the effects of the pandemic on your business. We remain by your side to help you navigate through these difficult times.

 

I would like to thank our team here at Quintas for putting in so much hard work and effort during this time and also to our clients for their patience with us as we worked out how we could get through this with you, whilst continuing to provide the service that you expect from Quintas.

 

We have also tried to keep you up-to-date on developments that may have affected you or your business through our newsletter and social media channels. It very much felt like these updates were happening on a daily basis.

 

We are delighted to see a lot of our clients reopening and all of the team at Quintas are here to help you at anytime that you may need us.

 

As you can see from our staff news section, we have had a number of new additions to the Quintas family in the last few months and we have also taken on some new staff to support our team.

 

As always feel free to call me or any member of our experienced colleagues in Quintas, should you require our assistance.

 

Regards,

 

Tim
 
Examinership Lifeline for Covid Impacted SME’s
by Mark Ryan
 

Although the number of examinership applications in recent years have remained disappointing low, the vast majority of companies that choose to enter examinership are able to successfully restructure their business. With the onset of the Covid 19 Crisis on the economy and the devastating effect it is having on SME's, Limited companies need to consider the examinership process. It is very much a rescue attempt by the company, which will require creditors to suffer loss or diminution of their legal rights for the arrangement to work, so it can survive as a going concern and continue to provide employment and contribute to the economy.
 
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Revenue Update
by Dave O'Brien
 

Wage Subsidy Scheme Spot checks and Eligibility for July/August

 

The Revenue have been working hard on the wage subsidy scheme (“TWSS”). They are currently at version 16 of their FAQ’s – I think if you have to amend the frequently asked questions section of any guidance 16 times then it is a clear sign that the scheme was incredibly over complicated to begin with. Could the government just have paid qualifying workers their gross salary with a max limit of €350 per employee? 
 
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COVID - Bank Loan Repayment Breaks.
by Eddie O'Shea
 

COVID - Bank Loan Repayment Breaks.

 

The Banking & Payments Federation Ireland announced on 18th June 2020 that Irish banks have extended the deadline date for new payment break applications to 30th September 2020 (previously the scheme was extended to 30th June 2020).
 
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Revenue Warehousing of tax debts for Covid affected businesses
by Dave O'Brien
 

In May 2020 Revenue issued guidance on the Debt Warehouse Scheme, where they confirmed support will be provided to both SME businesses (automatically) and larger businesses (on request) who experience cashflow and trading difficulties arising from the impacts of COVID-19. Revenue further defined an SME business as “a business with an annual turnover of less than €3 million who is not dealt with by either Revenue’s Large/Medium divisions.”
 
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