“Seeing Visability on Viability” – Revenue Debt

Revenue-CommissionersThe Revenue Commissioners have very often been criticised for their lack of support to businesses that have accumulated debt with them.

However, on closer examination it will be found that the Revenue Commissioners have indeed, been very accommodating to businesses that have put forward a clear plan as to the debtors viability.  In summary it has been described as “they want to see visibility on the viability”.

The details of the plan required very much depends on the amount of debt and for cases less than €10,000, the amount of information required is lessened.  However, where the amount of debt is substantially more, the Revenue require a detailed monthly viability plan showing how their debt will be reduced.

There is also the question of upfront payments, but again where there is clear viability in relation to the business activities, the Revenue Commissioners are willing to negotiate.

Here at BDO, have negotiated a number of settlements in the recent past and while it is always difficult to be happy with the end result, they are working for both the Revenue Commissioners and the client.

For further information in relation to our debt proposal services to the Revenue Commissioners, please contact any of us at the links below.

Denis Herlihy     dherlihy@bdo.ie

Paul Nestor        pnestor@bdo.ie

Pat Sheehan       psheehan@bdo.ie

Feargal Kenzie   fkenzie@bdo.ie

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BDO is a firm of registered auditors and is registered to carry on audit work in Ireland and the UK by the Institute of Chartered Accountants in Ireland. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 223876. BDO is also authorised to carry on investment business in the Republic of Ireland by the Institute of Chartered Accountants in Ireland.