As we know that the Pandemic Unemployment Payment (PUP) is a taxable income for each individual. The Revenue has confirmed that the preliminary statement 2020 will be made available to PAYE individuals from 15th January. It will reveal the outstanding tax liability for each individual on the Revenue myAccount website.
By receiving the statement, you will get to know the total amount of your tax payable in 2020. The amount will be the gross tax payable without deducting any other tax credits. You are required to finalise your tax liability after you’ve obtained the preliminary statement by completing an annual income tax return. In the myAccount PAYE section, you are able to review and declare your additional income and tax credit to ensure that you are obliged to the income tax rules and regulations.
After submitting your income tax return, the finalised tax liability statement will be available for you which will show your actual tax payable/ refundable in 2020. You are able to make a payment to the Revenue by using their online payment services. However, you are not required to make payment immediately when you obtain the finalised tax liability statement. The Revenue Commissioners will withhold the sum due from tax credits over four years time, starting from year 2022.
If you have any questions about your tax liability or whether you have trouble filing annual tax returns, please contact us now. We are here to help! With years of experience in helping our clients, we are confident in providing you with excellent problem solving solutions.
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