TWSS RECONCILIATION – IMPORTANT UPDATE
One year after the introduction of the Temporary Wage Subsidy Scheme (TWSS), the Revenue reconciliation process is underway. Revenue have now compared the total subsidy amounts paid to employees, against the total subsidy amounts paid to employers, to determine the amount of TWSS (if any) owed back to Revenue by employers.
All employers who availed of the TWSS will receive a Statement of Account in their ROS inbox on Monday 22nd March 2021. Employers will have until 30th June, 2021 to review their reconciliation and to accept the reconciliation or make corrections to payslips, if necessary. If an employer accepts the reconciliation, they will either be paid any additional amount due to them by Revenue or be required to repay any amount that they owe to Revenue. One of the main reasons that employer’s may have to make a repayment to Revenue is because Revenue paid a fixed amount of €410 per employee during the initial period of the scheme rather than paying the actual amount due.
If an employer does not agree with a reconciliation they can submit an enquiry through My Enquiries in relation to same. We will be checking the TWSS reconciliation for our payroll service clients and will be in contact shortly to advise you on this matter. If we do not provide payroll services to you but you require assistance in relation to the TWSS Reconciliation please let us know.