Revenue have announced they are to speed up the payment of wage subsidies to employers under the Employment Wage Subsidy Scheme.
Previously there was a 6-week turnaround for employers to receive payments under the EWSS.
However as more businesses now need to close under Level 5 restrictions this delay would cause cash-flow problems for many.
Instead of subsidies being payable a month in arrears, the first EWSS payments in respect of November payrolls will be made in early November, rather than by 5 December. Subsequent payments for November will be paid following receipt of a payroll submission containing an EWSS claim.
The new arrangements will apply to payroll submissions on or after 20 October, 2020.
There were also changes to the subsidy rates announced in Budget 2021. Read more here
Last updated: 3rd November 2020This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.