TWSS Reconciliation Update
By Sally Turner
Revenue released the reconciliation process for the Temporary Wage Subsidy Scheme (TWSS) and sent reconciliation statements to employers in mid-March 2021. These reconciliation statements were issued directly to employers Revenue Online Service (ROS) inbox instead of by post.
The TWSS was designed to assist employers impacted by COVID-19 and to encourage employers to keep their employees on the payroll. If you didn’t avail of the TWSS then you won’t have a TWSS reconciliation and have nothing to be concerned about in this regard.
These reconciliation statements will compare what Revenue have paid to employers against what Revenue say the employer was entitled to receive whilst availing of the TWSS.
When the TWSS was first introduced back in March 2020, during the transitional phase, Revenue refunded a flat rate of €410 per employee per pay period regardless of the employees' earnings. In a lot of cases this €410 exceeded the subsidy that the employee was entitled to receive, and it was made very clear from the start that there would be a reconciliation to rectify this overpayment. After that period, Revenue revised the scheme, and the TWSS was based on the average weekly net pay which could be topped up.
Employers must compare the reconciliation statement against their payroll records to determine whether they match or not.
Employers will have until 30th June 2021 to:
- Accept the reconciliation calculation issued by Revenue
- Make corrections to employees’ payslips if necessary
- Make an enquiry through My Enquiries
Once an employer accepts the reconciliation calculation a Statement of Account will be sent to their ROS inbox. This will require employers to pay any additional amount owed to Revenue or where applicable they will be refunded any additional amount owed by Revenue to them.
If the employer has availed of the debt warehousing agreement, they can contact Revenue to request that any amount due to Revenue be added to the warehousing arrangement.
The payroll team in Quintas are available to assist employers with reviewing the reconciliation or resolving any queries arising on same.
For further information please email firstname.lastname@example.org