Today’s news is tomorrow’s fish and chip wrappers (Sponsored)

Apr 03, 2020

By Jason Collins, Founder of CollSoft Payroll

Things are evolving with the Temporary Wage Subsidy Scheme (TWSS) on a daily basis and sometimes what is valid today may not necessarily be so tomorrow.

We have fallen foul of this harsh reality ourselves from time to time, such as our last feature where we published a particular formula regarding the maximum amount by which an employer can top up a TWSS payment before tapering of the subsidy would apply. Our formula was correct at the time of publishing but had been superseded by the time you read the article. Now imagine trying to keep software up-to-date!

The reason why this can occur is relatively simple: while the emergency legislation was passed by the Dáil last week, there are some operational aspects that still require Ministerial Regulations to be signed.

We strongly suggest that you check for updates in your payroll software on a daily basis to ensure that you are up-to-date.

Revenue also maintain a very useful FAQ document which is updated on a regular basis.

The numbers so far

Government figures indicate that there are almost 36,000 employers now registered with Revenue for the scheme. Registration increased by over 10,000 in the 48 hours between Monday and Wednesday mornings. Revenue is reimbursing payments made under the scheme to the relevant employers within two working days and, to date, Revenue's cumulative value of payments made under the scheme is now €54 million, however those figures are growing substantially on a daily basis.

The actual payments made on Thursday can be broken down as follows;

Employers Paid:       4,300

Employees paid:       40,000

Subsidy payments:    €18 million

PAYE/USC refunds:    € 1.8 million

One problem that Revenue is experiencing is that not all employers have checked that they have the correct bank details entered in their ROS accounts. On Thursday, there were 512 employers and over one million euro in payments that Revenue could not make simply because employers have not checked this is correct.

How can you keep up-to-date?

As mentioned, Revenue has an excellent FAQ available on their website and, indeed, there is comprehensive information available on Chartered Accountants Ireland’s website.

At CollSoft, we have been holding two webinars per day where we show users how to operate the subsidy scheme in our payroll software, as well as answering questions in a Q&A session.

These webinars are free to attend and you can register here.

We have also developed a handy subsidy calculator which you can access freely from on our website www.collsoft.ie.

(Sponsored by CollSoft. Please note that although the information above is correct at the time of writing, circumstances may change. It is therefore advisable to seek professional advice on such issues.)