Important Deadline for TWSS Recipients

PSC Accountants & AdvisorsCovid Important Deadline for TWSS Recipients

Important Deadline for TWSS Recipients

The deadline for the final phase of the TWSS programme is Wednesday 30th June 2021, i.e., 9 days’ time. If your business claimed TWSS, it is critical that you, or your payroll agent, finalises this phase on time.


Of course, most businesses will already have done this.


Revenue have warned that:


‘If an employer has not reported all Subsidy Paid data before the 30 June 2021 deadline, then the reconciliation calculation will set the “subsidy payable” to zero for all payslips without a Subsidy Paid reported. Therefore, any amount of TWSS previously paid by Revenue to the employer for those payslips will become repayable to Revenue.’


This would be a very serious development; but one which can be easily avoided. In addition to the cash flow cost, there would be time costs and professional costs involved in resolving this issue.


Revenue have warned that approximately 16,000 employers have yet to engage with this final phase.


If an employer has already submitted their TWSS reconciliation, but where a correction needs to be made, the deadline for this correction is also 30th June 2021.


The message is clear from Revenue: save yourself an enormous amount of anxiety and cost by complying with this deadline.


If your business is affected, please contact PSC as a matter of urgency, in order that we can help you meet this deadline.


Should you require any further information on the above, please do not hesitate to call or email your usual PSC contact.