Employers – Revenue TWSS Reconciliation Balances now available
Temporary Wage Subsidy Scheme (TWSS) Reconciliation
TWSS operated from 26 March to 31 August 2020. Reconciliation is the final phase in the TWSS programme. It will ensure that there is an accurate reconciliation between the:
- subsidy amounts paid by Revenue to employers
and
- subsidy amounts that were properly payable to employers for relevant employees and paid to those employees.
Revenue has now provided TWSS reconciliation information to most employers who participated in the scheme. These employers have received a notification directly to their Revenue Online Service (ROS) inbox advising them that this information is now available, including their reconciliation balance. The reconciliation balance is calculated using the actual information provided to Revenue by employers.
Employers have until 30 June 2021 to review their TWSS reconciliation information, provide any outstanding information in relation to subsidies paid to employees, and accept the reconciliation balance on ROS.
Reconciliation Balances are now available on ROS and must be paid to Revenue by the 30 June 2021.
You may ask “How does a TWSS Reconciliation balance arise”
Most reconciliation balances will arise from the operation of the transitional phase of TWSS (26 March to 3 May 2020). During the transitional phase of TWSS, Revenue operated a simplified process so that employers could be supported as quickly as possible. Revenue paid employers the maximum subsidy amount of €410 per employee, per week.
Employers were advised to pay eligible employees 70% of the employee’s average net weekly pay. This meant that there was an overpayment to employers built into the transitional phase of the scheme. This overpayment will be reflected in the reconciliation balance.