Revenue will issue all PAYE workers from.15 January with balancing tax statements for 2020. This will see some PUP and TWSS recipients be liable for tax.
Below is some basic information that may help you.
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’M 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 http://www.revenue.ie
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Leader, Fine Gael, Dublin City Council
Chair, Urban Form & Planning Strategic Policy Committee