Revenue issued updated guidance on the impact of Debt Warehousing where a director/employee holds a material interest in a company.

In summary, if your employer has warehoused and not paid its PAYE liability in full, then a director/employee that has a material interest in the company will not be entitled to a full credit for PAYE deducted on remuneration (on your personal income tax return) until such time as the tax has been remitted to the Collector General.

We strongly recommend that, where possible, your company prioritise the payment of PAYE (Employer) liability.

Full details are available at https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-42/42-04-59.pdf

Should you have any questions or concerns please let us know.