Stage two of the reconciliation process for the Temporary Wage Subsidy Scheme (TWSS) began this week with the issuing of reconciliation statements by Revenue to employers. This is the final phase of the TWSS programme and the aim is to ensure that the subsidy amounts paid by Revenue to employers is reconciled and agreed to the subsidy amount that was due to employers and which they paid to their employees.
What should employers do?
The reconciliation statements issued via Revenue Online Service (ROS) to employers who availed of the TWSS.
Employers have until the end of June 2021 to review their reconciliation statement and either:
According to Revenue, over half of employers who availed of the scheme will have a reconciliation balance due to Revenue. Employers can pay their reconciliation balance on ROS. Employers may be able to avail of the Debt Warehousing Scheme and warehouse their TWSS amount due to be repaid to Revenue. If the Debt Warehousing Scheme is not available, employers can apply for a Phased Payment Arrangement in respect of the TWSS amount due.
Some employers may be due an additional subsidy payment from Revenue.
Employers who are in a reconciled position, can accept their reconciliation statement and finalise their participation in the scheme.
How we can help?
Grant Thornton’s specialist Covid-19 supports team can assist employers with resolving any queries or claims. We can advise on availability of the Debt Warehousing Scheme and assist with making an application for the scheme. We can also assist with applying for a Phased Payment Arrangement.