TWSS operated from 26 March to 31 August 2020.
Revenue are currently providing a reconciliation to all employers. It will ensure that there is an accurate reconciliation between the:
Where Revenue has paid an employer a temporary wage subsidy in relation to a specified employee, and the employer did not pay that employee an additional amount equivalent to the temporary wage subsidy, or the employer was not entitled to receive a subsidy in respect of an employee, the employer is obliged to refund the subsidy.
The Stay and Spend Tax Credit is a new tax credit available for the years 2020 and 2021. You can claim the Stay and Spend credit for qualifying expenditure incurred between 1 October 2020 and 30 April 2021. This includes expenditure on either:
The Revenue Commissioners recently announced that if taxpayers file and pay their income tax online then their filing deadline has been extended to 10 December 2020. However, if you are unable to pay the balance of tax for 2019 and meet your full 2020 preliminary tax requirements then your filing date is 31 October 2020.
With all of the confusion in business at the moment we would like to point out that for those struggling to pay the 2019 income tax liability this extension does not apply to you. We would recommend all clients contact us sooner rather than later in relation to their 2019 income tax. If you can avail of the extended deadline we will set the payment date for the 10 December 2020.
Please do not hesitate to contact us with any queries.
The Revenue have confirmed that employers will not be able to back date a registration for the new Employee Wage Subsidy Scheme (EWSS). However an employer can register for the scheme at any stage once they meet the criteria, even if this is after the September payroll is run. Once registered you will only receive the subsidy for all future payroll runs.