Individuals in receipt of the Pandemic Unemployment Payment (PUP) or the Temporary Wage Subsidy Scheme (TWSS), will this week receive clarity on how much tax they owe from last year.
Revenue has confirmed that all workers in receipt of PUP or TWSS will receive preliminary end-of-year statements on the 15th of January 2021, which will detail their tax position for 2020.
The Preliminary End of Year Statement will show:
- detail of any income received and reported by your employer or employers
- information on the amount of PUP you received
- a preliminary calculation of your Income Tax and Universal Social Charge for 2020
- whether your tax position is balanced, underpaid or overpaid for the year
When you receive your Preliminary End of Year Statement, do not be alarmed and do not ignore this. You will have an opportunity to update your personal record in myAccount. You can do this by completing an Income Tax Return to:
- declare any additional income
- claim any additional tax credits due, such as qualifying health expenses or the Stay and Spend Credit
Once this is complete, you will receive confirmation on if you are required to pay tax back. Revenue can facilitate full or partial payments via the Revenue’s online portal.
For further assistance regarding your tax liability, you can contact the following services: