More than 400,000 face tax bills for Covid wage subsidies Revenue issues end of year statements to all PAYE employees
Thu, Jan 14, 2021, 19:31
More than 400,000 PAYE workers face tax bills on Friday for payments they received under Covid wage subsidy schemes.
Revenue announced late on Thursday that 27 per cent of all PAYE taxpayers – more than 600,000 people – had underpaid income tax or the universal social charge in 2020. However, one third of those do not relate to Covid payments as they have not received any pandemic wage support.
The amount outstanding is €458 million. PAYE workers will have four years from the start of next year to pay back any tax outstanding without incurring interest charges.
);
Explainer: Preliminary 2020 tax bills are now available to all PAYE workers but how does it all work?
Your final bill can be significantly reduced to zero or even turned into a refund. By Ian Curran Friday 15 Jan 2021, 4:29 PM Jan 15th 2021, 4:29 PM 51,856 Views 17 Comments
Image: Shutterstock/Bianca Grueneberg
Image: Shutterstock/Bianca Grueneberg
FROM TODAY, ALL PAYE workers can check if they have any outstanding tax liabilities from 2020.
This morning, the Revenue made preliminary statements of tax liability available for all employees through the MyAccount portal on the Revenue.ie website.
Some 46% of us will have no outstanding balance for 2020 but 27% (over 600,000 workers) will have some sort of a hangover from last year.