Employee Wage Subsidy Scheme(EWSS)

September 23, 2020 Covid 19 0 Comment

Employee Wage Subsidy Scheme(EWSS)

The EWSS which started from September 1st  last. It is based on the following criteria: 

1.            projected turnover from July to December 2020 being down by 30%. 

2.            each months actual turnover is then compared with the corresponding period in 2019 to see if you qualify for that month. So turnover for September 2020 is compared with turnover for September 2019. If the turnover is down by 30% it can be used for September 2020. If not, you run the same check again in October.

However, you cannot register for September in October and so on.

So “projected turnover” are the key words here. If you feel that your projected turnover figures for the upcoming months of 2020 will be below the 30% threshold outlined in point 1 above, and can have some calculations on file re same, then you may be eligible to register to EWSS. It is then essential that this registration is monitored on a monthly basis because, although the projected turnover may have been below 30%, the actual for the month may have exceeded this, in which case we will not avail of the scheme. This is something which can be monitored on an ongoing basis and should your business suffer a decline due to possible restrictions or other COVID19 impact, we can avail of it in the months to come.

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Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »