Today the tax day - revenue.

meath4sam

Laura99 wrote: »

Certainly seems like it, it's seems you earned around 35300 last year in wages, pushing most of the above payments into the 40% tax bracket.

Thanks for response I am joint assessed with wife and total earning close to 100k.
Is it right to pay 40% on this payment meaning government tell you we are giving you 350 but really it’s only the standard 200

I always new it was liable to tax but didn’t expect 40%

shmeee

Foweva Awone wrote: »

Yep submitted it 1st of January. Not paid til the end of this month, and we were paid early in December so I'm really feeling that post-Christmas poverty... The refund would help a lot!!!

Keep an eye on your bank account, could pop in anytime.

I done one a year or 2 back and the money was in my bank account about 5 days later after I received the Statement of Liability into My Documents on myAccount.

And as for the time I owed a few thousand... That was broken up over 2 years and wasn't too bad overall. (Employer made a mess of payroll and I flagged it with them multiple times and even the Revenue send them new RPN's with my details and they still literally used old details for me, fair annoying at the time. But the repayment plan through tax credits was ideal and you'd barely notice it TBH)

Laura99

meath4sam wrote: »

Thanks for response I am joint assessed with wife and total earning close to 100k.
Is it right to pay 40% on this payment meaning government tell you we are giving you 350 but really it’s only the standard 200

Ok I get ya, so you are well into the 40% tax bracket so! Yeah, I don't know what I feel about the ethics of it all, what's right and wrong for the government to do. I like to think of it as a wage, if you were getting wages from a company for that amount those weeks, you'd also be paying 40% tax on it anyways. But what I will say is that normal JSA and JSB is taxed also, it's just not don't at source, it's done by reducing your tax credits and srcop also but the amount is normally so small, it doesn't reach the taxable allowance limited or is not noticed.

So my basic understanding is that if I start 2021 on benefits for say €200 for 5 weeks and then go back to work, my yearly srcop will be reduced by €1000 and my tax credits by €100. So all benefits are taxed but just normally, it's so low, it's not noticed. And if you were on the same benefits for the last 5 weeks of the year and apply for your tax return, it would be the same, you would probably owe money because your tax credits and srcop would be reduced.

*** I think! It's been a while since I've studied payroll, so apologise if anything is wrong or has been changed!!

happyperson123

Hi All,

I was on TWSS for a few months, so I will owe tax. I claimed my working from home since March & also my medical expense in early Jan. Does anyone know will this be offset against my bill or will I get a cash refund?

Cant see my SOL yet, saying will be available after Jan 15th.

The Diddakoi

happyperson123 wrote: »

Hi All,

I was on TWSS for a few months, so I will owe tax. I claimed my working from home since March & also my medical expense in early Jan. Does anyone know will this be offset against my bill or will I get a cash refund?

Cant see my SOL yet, saying will be available after Jan 15th.

Any refund due will be offset against any underpayment of tax

meath4sam

How much credit can you get for working from home.

Foweva Awone

meath4sam wrote: »

How much credit can you get for working from home.

Feck all!! Basically work out 30% of your broadband and 10% of your electricity and heating.... You'll get back only 20% of that.

Still better than nothing I guess...

The Diddakoi

meath4sam wrote: »

How much credit can you get for working from home.

Full details here:

https://www.revenue.ie/en/jobs-and-pensions/eworking/index.aspx

ted1

meath4sam wrote: »

Thanks for response I am joint assessed with wife and total earning close to 100k.
Is it right to pay 40% on this payment meaning government tell you we are giving you 350 but really it’s only the standard 200

I always new it was liable to tax but didn’t expect 40%

Why would you think it’s not taxed at the relevant rate. Any income over your threshold will be at the higher rate.

ted1

Foweva Awone wrote: »

Feck all!! Basically work out 30% of your broadband and 10% of your electricity and heating.... You'll get back only 20% of that.

Still better than nothing I guess...

Or40%

shoes43

I just checked on my account and I owe €1292 I have been working since last March and was getting my full wages and payslips until June when there was a sudden change of a few hundred in my pay and then in September it went back to what I had been getting. Its all so confusing but I think it is 2022 before they start to deduct the amount owed (I think I read that somewhere) or can you pay the whole lot in one go ?

It looks like I could be out of a job for February and March and this would mean the PUP and I guess I would also have to pay tax on that at some stage.

happyperson123

Thanks, thought i heard they won't touch any monies owed until 2022. Better off with the head start i suppose

happyperson123

happyperson123 wrote: »

Thanks, thought i heard they won't touch any monies owed until 2022. Better off with the head start i suppose

Given the choice (assuming funds were available) I'd rather pay it all up front than let it sit. At least i know what my financial situation is now; god knows what it'll be like in 2022.

happyperson123

[Deleted User] wrote: »

Given the choice (assuming funds were available) I'd rather pay it all up front than let it sit. At least i know what my financial situation is now; god knows what it'll be like in 2022.

My same thoughts 🙈

meath4sam

ted1 wrote: »

Why would you think it’s not taxed at the relevant rate. Any income over your threshold will be at the higher rate.

I always knew I had to pay tax on it but at 40% the benefit of going from standard dole 200 to 350 PUP was in theory just a loan of the extra 150.

um7y1h83ge06nx

One painful thing is that if you have several years of underpayment it could all build up if they just adjust your credits.

I had an underpayment in the tax year 2019 and my credits are adjusted by about €800 for both 2021 and 2022.

For the tax year of 2020 I expect to underpay by at least €2k in total - so adjustments of about €1000 for both 2022 and 2023.

That would mean that next year I get hit by 2 adjustments.

Cash_Q

jrosen wrote:

I’ve been trying to log on and can’t get on. Tried about 5 times. I’ll try again later.

Same here. Will probably just leave it til tomorrow

2Mad2BeMad

Managed to log in,
Says statement of liability is available
when I click view it says they are still processing it and it will be available after the 15th of jan

Guess it be tomorrow or monday by the time I get it.

Expecting to have underpaid over 2k.

gordongekko

Foweva Awone wrote: »

Feck all!! Basically work out 30% of your broadband and 10% of your electricity and heating.... You'll get back only 20% of that.

Still better than nothing I guess...

It works out less than that. You can only claim for the days you work from home which will be for most people 20 days while the bill is for 30 or 31 days.

What you have to do is get the bills for the year multiply it by the number of days you worked from home and divide the answer by 365 and then get 10% of the answer

Buddy Bubs

hope80 wrote: »

My issue is that because my employer availed of the subsidy they were only allowed to pay me my average net pay and now I am going to be landed with a tax liability on this so technically i have taken a pay cut while still working to the same level throughout the year. My husband is in the same situation so its a large hit to our household. I have no problem paying taxes etc on money I earn but this is totally unfair on how it was roled out.

It was rushed out and it wasn't perfect. I was on the scheme so i too will have a tax bill, but I also administered the running of it for the company. 70 odd employees. Some are going to be giving out about this tax, guaranteed. As if its my fault they've to pay it. Thats the line that will be taken.
The reality is, there were very real discussions taking place about which employees would be laid off before the subsidy scheme was announced.
Would it be the younger guys, maybe still living at home with no bills...would it be the newest members of staff...would it be the ones who were least productive.....in the end there were no layoffs, we topped up to full net pay, some worked harder than others during this time and business eventually came back as usual up to this month.
Our company was down 1 million in turnover from March to May, no way could we sustain every position ourselves.
I'd imagine there were similar discussions in your workplace.
Better to have tax bill now at a fiver or tenner a week than be laid off.....and I was personally at zero risk of layoff but happy to share the small amount of pain with everyone.

PommieBast

Was on wage subsidy. €2000 underpayment :eek:

tiredblondie

PommieBast wrote: »

Was on wage subsidy. €2000 underpayment :eek:

Christ!!
How long were you on it for?

I was on it 6 weeks - nothing showing yet for me - but expecting around 900euro if it's taxed at 40%

magoo84

happyperson123 wrote: »

Hi All,

I was on TWSS for a few months, so I will owe tax. I claimed my working from home since March & also my medical expense in early Jan. Does anyone know will this be offset against my bill or will I get a cash refund?

Cant see my SOL yet, saying will be available after Jan 15th.

Same as me. Waiting on a refund for medical expenses

Laura99

meath4sam wrote: »

I always knew I had to pay tax on it but at 40% the benefit of going from standard dole 200 to 350 PUP was in theory just a loan of the extra 150.

This is incorrect, if you were getting 200, you would still be taxed in the same threshold and it actually would be only 140.

cnbyz

according to the revenue website SOLs will be available on 18th. It also says 15th for preliminary statements but i got nothing so far

PommieBast

tiredblondie wrote: »

Christ!!
How long were you on it for?

Three months.Company did also top me up to 80% of normal salary but that part was all taxed at the lower bands.

cyc1337

my wife was on TWSS for 3 months, her NET stayed the same, workhours and scope of work as well and now we received tax underpayment of 2200 EUR.
this is effectively a pay cut without being agreed between employer and employee thus constituting a breach of contract of employment.

how is this not being an issue across the country?

Laura99

cyc1337 wrote: »

my wife was on TWSS for 3 months, her NET stayed the same, workhours and scope of work as well and now we received tax underpayment of 2200 EUR.
this is effectively a pay cut without being agreed between employer and employee thus constituting a breach of contract of employment.

how is this not being an issue across the country?

This is the same with my OH, wages weren't topped up by employer. I think this is where the real issue is, not with PUP tax. Exact same hours, but ending up with less money at the end of the year. How does that make sense.

IvySlayer

870 euro owned

Same issues as above, why work 40 hours a week and bother with all the hassle

callaway92

Anyone else finding the Revenue site awful slow?

Returning a lot of 503s and when I get in, the review 2017-2020 isn't working; just kinda times out when I eventually get in and click 'request'