Revenue Over-payments – Wage Subsidy Scheme (& full Supports available listing)
Thousands of companies have received the Wage Subsidy Scheme (WSS) payments from Revenue since March 2020. Revenue had noted that there may be over-payments to businesses and that money would be due back to Revenue in due course.
For all payrolls I have prepared using the WSS for clients, there are varying degrees of over-payments.
Revenue have supplied detail in their FAQ document on the bank account to transfer these funds back to and the REFERENCE code each business should use to allow for easy reconciliation.
If you have not yet calculated what is due back to Revenue, this may impact your cashflow calculations negatively. I would recommend working out what is due to Revenue and repaying that as soon as possible, so you have a clear picture of your cashflow for the coming months.
If you have queries, talk to your tax advisor, accountant, payroll provider or call Revenue to discuss. Please share with your network if this is something you were not aware of as it may affect many of your network also.
I recorded a short video on this last week (Click here). It is clear from the volume of messages received; we need to share this information.
Many people have mentioned having issues regarding the volume of supports available. The full listing, kindly put together by our Institute (Chartered Accountants Ireland) is here.
Wendy[18 May 2020]