Mary has been informed from Revenue that they have issued balancing statements to all PAYE taxpayers which means potentially those on PUP or TWSS will receive tax bills.
Here are some FAQ’s which may help if you are affected by this:
WHY AM I FACING A TAX BILL?
If you received the PUP or the TWSS last year you may be in receipt of an unexpected tax bill.
Due to the emergency nature of these payments, no income tax or USC was paid at that time.
HOW WILL I KNOW IF I AM AFFECTED?
On Jan 15th Revenue will forward a preliminary tax statement for 2020 to every PAYE worker.
This will outline the amount of tax that is due on money earned during 2020.
WHAT ARE MY PAYMENT OPTIONS?
All employees will be given the opportunity to fully or partially pay any tax owed via revenue.ie.
You may be eligible to reduce the amount owed by claiming additional tax credits.
Revenue will collect the liability, interest free, by reducing your tax credits over four years to minimise any hardship.
WHERE CAN I FIND MORE INFORMATION?
More information and support can be found on www.revenue.ie