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Week 1 / TWSS Ceased

  • 24-06-2020 10:07am
    #1
    tiredblondie
    Registered Users, Registered Users 2 Posts: 706 ✭✭✭


    Hi
    Company has ceased with TWSS from this week.
    Revenue issued new RPNs for all employees with revenue putting us all on Week 1 basis from Normal

    Why would they do this?
    Does this have any implication going forward on tax?


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    So as to limit the amount of any underpayment of tax by being left on cumulative basis. Remember the TWSS subsidy wan't taxed real time. Also tax credits were possibly more than needed to cover taxed element of pay so some employees might have had refunds & or unused credits forward.

    Revenue were asked repeatedly why they didn't put people on W1 basis at the start of this to reduce year end underpayments but cited the need to get money into peoples pocket when they needed it most.


  • #3
    tiredblondie
    Registered Users, Registered Users 2 Posts: 706 ✭✭✭tiredblondie


    Stratvs wrote: »
    So as to limit the amount of any underpayment of tax by being left on cumulative basis. Remember the TWSS subsidy wan't taxed real time. Also tax credits were possibly more than needed to cover taxed element of pay so some employees might have had refunds & or unused credits forward.

    Revenue were asked repeatedly why they didn't put people on W1 basis at the start of this to reduce year end underpayments but cited the need to get money into peoples pocket when they needed it most.

    I unfortunately wasn't one of those who got any tax back throughout the time on TWSS - wage was fully topped up by employer too!

    So basically, it's not a bad thing that they have done this?
    It'll work itself out at the end of the year?


  • #4
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    tiredblondie wrote: »
    I unfortunately wasn't one of those who got any tax back throughout the time on TWSS - wage was fully topped up by employer too!

    So basically, it's not a bad thing that they have done this?
    It'll work itself out at the end of the year?

    Anyone who got tax back could owe some/all of that back again due to the way the TWSS worked & with people left on cumulative. Revenue will work out year end +/- and if any underpayments have said they will be collected from future year(s) by adjusting tax credits.


  • #5
    lashes34
    Registered Users, Registered Users 2 Posts: 709 ✭✭✭lashes34


    Same happened in our place, everyone on W1 this week. It should have been done at the start, feckin madness.


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