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TWSS Payment

  • 10-05-2021 7:30am
    #1
    conor_ie
    Hosted Moderators Posts: 1,809 ✭✭✭


    I'm sure this has been asked before but I'll ask it anyway!

    My tax liability for last year was around €750 due to the wage subsidy. I'm due back to work at the end of the month and I was wondering would it worth paying it off now as to not get screwed when I'm paid at the end of June.

    I also will have 18 of weeks of pup payments if that makes any difference


Comments

  • #2
    ari101
    Registered Users Posts: 2,835 ✭✭✭ari101


    conor_ie wrote: »
    I'm sure this has been asked before but I'll ask it anyway!

    My tax liability for last year was around €750 due to the wage subsidy. I'm due back to work at the end of the month and I was wondering would it worth paying it off now as to not get screwed when I'm paid at the end of June.

    I also will have 18 of weeks of pup payments if that makes any difference

    Last year's TWSS won't effect pay until 2022 if you do nothing. Up to you if you have cash and want to pay it.

    This year's PUP claim might initially cause lower pay as it can take a bit of time for social welfare to tell revenue the claim is closed and they will probably have to give you back credits they had allocated to PUP on the assumption the claim would continue.

    If you could be short in June as a result of transition from PUP to work it might be worth hanging onto the 750 until that is settled in case you need it.


  • #3
    secman
    Registered Users Posts: 6,197 ✭✭✭secman


    conor_ie wrote: »
    I'm sure this has been asked before but I'll ask it anyway!

    My tax liability for last year was around €750 due to the wage subsidy. I'm due back to work at the end of the month and I was wondering would it worth paying it off now as to not get screwed when I'm paid at the end of June.

    I also will have 18 of weeks of pup payments if that makes any difference

    Last years liability should be ckawed back over 3 tax years starting next year roughly at €5 per week extra tax. The PUP payments this year will be taxed this year but you will have your weekly tax credits to be offset against the tax due on them for each week you received PUP. Your level of pay and your weekly tax credits are unknown so that's as much advice one can give you. So in essence this year is being corrected this year but last years is to be corrected over 3 years commencing next year.


  • #4
    QuickBen
    Registered Users Posts: 3 ✭QuickBen


    Hi - I hope someone can help with a query on TWSS. I took over a payroll for someone who claimed TWSS at the start. When they found they were not entitled to it they repaid the subsidy to Revenue.

    However, Revenue recently requested amended payslips to adjust the PRSI class. This has been done and the shortfall payment has been made. Due to the change in PRSI class from J to A, there was a liability due in respect of each employee. The employer wants to deduct that from the employee's next wage as he has paid it to Revenue on their behalf.

    I cannot find any guidance on Revenue about how to handle this. Has anyone had to do this?

    Thanks in advance for any suggestions on how to proceed.


  • #5
    Stratvs
    Registered Users Posts: 958 ✭✭✭Stratvs


    QuickBen wrote: »
    Hi - I hope someone can help with a query on TWSS. I took over a payroll for someone who claimed TWSS at the start. When they found they were not entitled to it they repaid the subsidy to Revenue.

    However, Revenue recently requested amended payslips to adjust the PRSI class. This has been done and the shortfall payment has been made. Due to the change in PRSI class from J to A, there was a liability due in respect of each employee. The employer wants to deduct that from the employee's next wage as he has paid it to Revenue on their behalf.

    I cannot find any guidance on Revenue about how to handle this. Has anyone had to do this?

    Thanks in advance for any suggestions on how to proceed.

    https://www.revenue.ie/en/employing-people/documents/twss/twss-prsi-corrections.pdf
    Section 1.3 indicates that the employer can recoup employee PRSI from them by way of a net pay deduction.
    If in doubt a MyEnquiry on ROS to the TWSS help section should clarify.


  • #6
    QuickBen
    Registered Users Posts: 3 ✭QuickBen


    Stratvs wrote: »
    Section 1.3 indicates that the employer can recoup employee PRSI from them by way of a net pay deduction.
    If in doubt a MyEnquiry on ROS to the TWSS help section should clarify.

    Thanks for that. I've read so many guidance notes so many times, I cannot see the words in front of me.


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  • #7
    Stratvs
    Registered Users Posts: 958 ✭✭✭Stratvs


    QuickBen wrote: »
    Thanks for that. I've read so many guidance notes so many times, I cannot see the words in front of me.

    You can sing it ! I'd lost it with the TWSS by the time version 18 of the FAQ came out.


  • #8
    BPPM
    Registered Users Posts: 12 ✭BPPM


    conor_ie wrote: »
    I'm sure this has been asked before but I'll ask it anyway!

    My tax liability for last year was around €750 due to the wage subsidy. I'm due back to work at the end of the month and I was wondering would it worth paying it off now as to not get screwed when I'm paid at the end of June.

    I also will have 18 of weeks of pup payments if that makes any difference

    There may still be issues arising with Payroll Matters in Ireland around the TWSS, so I would not rush into repaying the €750. Tax owing for the average person on €350 per week is about €6.70 for every week the were on the PUP in 2021.


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