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Paying tax owed

  • 15-12-2020 10:55am
    #1
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭


    I was receiving the PUP for a few weeks over the summer. As far as I know, tax is due on this payment. I think I was also getting paid through the subsidy scheme before this as well. Not sure if I was paying tax on that as well.

    I hate owing money. So when can I sort out the tax on this? And how? I can't get my head around the revenue site.


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    You can't do anything until after the year end 2020. Revenue will do or you can request a Statement of Liability for the year which will give the result.

    Also Revenue have said any underpayments will not commence to be recouped until 2022 and will be over time.

    In addition if the employer wants to pay the underpayments caused by the subsidy scheme for the employee Revenue have recently said it will not be classed as a BiK.


  • #3
    Bobby1984
    Registered Users, Registered Users 2 Posts: 269 ✭✭Bobby1984


    Stratvs wrote: »
    In addition if the employer wants to pay the underpayments caused by the subsidy scheme for the employee Revenue have recently said it will not be classed as a BiK.

    It will be interesting to see if employers are going to be willing to do this as there is no tax deduction for these payments. If employers gave the employees a bonus in December to match the tax owed, they would get a deduction for it and the employee might be happy enough to get a net payment which would cover half or more of the liability.


  • #4
    mystic86
    Registered Users, Registered Users 2 Posts: 2,983 ✭✭✭mystic86


    Stratvs wrote: »
    Also Revenue have said any underpayments will not commence to be recouped until 2022 and will be over time.

    Unless you want to pay it sooner - they said you can repay it once the statement of liability is created, if you want.


  • #5
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭Away With The Fairies


    Anyone with more than a brain than me?

    What is the taxable amount of the payment received? Is it 350 multiplied by how much weeks you received the payment?


  • #6
    mystic86
    Registered Users, Registered Users 2 Posts: 2,983 ✭✭✭mystic86


    Away With The Fairies wrote: »
    Anyone with more than a brain than me?

    What is the taxable amount of the payment received? Is it 350 multiplied by how much weeks you received the payment?

    All of it is taxable, so the cumulative amount of how much you received is added to any other income last year. Why don't you just go on your 'MyAccount' now and see what's what for 2020.


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  • #7
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭Away With The Fairies


    mystic86 wrote: »
    All of it is taxable, so the cumulative amount of how much you received is added to any other income last year. Why don't you just go on your 'MyAccount' now and see what's what for 2020.

    Done, I just had to add in the PUP payment myself, which I got from mywelfare ... Hoping I don't get too much tax owed.


  • #8
    mystic86
    Registered Users, Registered Users 2 Posts: 2,983 ✭✭✭mystic86


    Away With The Fairies wrote: »
    Done, I just had to add in the PUP payment myself, which I got from mywelfare ... Hoping I don't get too much tax owed.

    Sounds odd, it should have already been added in for you to confirm.


  • #9
    Ninthlife
    Registered Users, Registered Users 2 Posts: 2,358 ✭✭✭Ninthlife


    Away With The Fairies wrote: »
    Done, I just had to add in the PUP payment myself, which I got from mywelfare ... Hoping I don't get too much tax owed.

    If youre a single person you have tax credits of 3,300 which is equal to 16,500eur.

    So if your total income for the year was below this you have 0 tax liability anything after the 16,500 is taxed at 20% up to 35,300eur.


  • #10
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭Away With The Fairies


    Ninthlife wrote: »
    If youre a single person you have tax credits of 3,300 which is equal to 16,500eur.

    So if your total income for the year was below this you have 0 tax liability anything after the 16,500 is taxed at 20% up to 35,300eur.

    So my total pay for the year comes up to 24,456.65.

    So is my whole pay taxable at 20%? That seems quite alot of tax.


  • #11
    Collie D
    Registered Users, Registered Users 2 Posts: 11,415 ✭✭✭✭Collie D


    Away With The Fairies wrote: »
    So my total pay for the year comes up to 24,456.65.

    So is my whole pay taxable at 20%? That seems quite alot of tax.

    Yes but deduct your credits from the 20% and you get your liability.


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  • #12
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭Away With The Fairies


    Collie D wrote: »
    Yes but deduct your credits from the 20% and you get your liability.

    So after deducting the credits, I pay 20% tax on 7956.65?

    Do I have that right?


  • #13
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭Away With The Fairies


    Do I have this correct... I pay tax on 7956.65 which works out to be 1591.33 euro.

    But I already paid 2376 euro in tax throughout the year.

    Does this mean that I should be getting tax back?


  • #14
    tina1040
    Registered Users, Registered Users 2 Posts: 479 ✭✭tina1040


    Away With The Fairies wrote: »
    Do I have this correct... I pay tax on 7956.65 which works out to be 1591.33 euro.

    But I already paid 2376 euro in tax throughout the year.

    Does this mean that I should be getting tax back?

    To calculate paye, get 20% of €24456 and then takeaway tax credits.

    Don't forget PRSI and USC.


  • #15
    Away With The Fairies
    Banned (with Prison Access) Posts: 4,077 ✭✭✭Away With The Fairies


    tina1040 wrote: »
    To calculate paye, get 20% of €24456 and then takeaway tax credits.

    Don't forget PRSI and USC.

    Thanks, I just used an online calculator. I forgot I also received some tax back last summer when I was briefly unemployed. But if my calculations are correct, they owe me about 18 euros tax back... Which also means the tax I was saving up for to pay for the tax on PUP is now in my pocket, so I'm very happy with that.


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