Horror!!!!

Seamybeag

Ive just received my net tax liability of 5670 euros . I let an apartment and understand that my profit from letting causes me grief every year (to the tune of around 3000) . I also know that I received pup and twss (4500 and 7700) . And theres been no tax paid on this .And now it has to be paid at the end of the year. How can this happen .How can someone get up every morning and still have a tax bill like that at the end? What is twss ?Why have I paid so little Paye even though I worked through most of the pandemic. Does anyone else feel this disheartened with their tax liability ? Christ would I be better off if I stayed in bed ?

Markus Antonius

The cost of living in a "progressive" state. At least it shows in the great public services we have like in the scandinavian countries 😐️

Seamybeag

Thank you Markus Antonius .It didn't feel very progressive yesterday but I've calmed down a bit since .I think revenue may give a little more time to pay .I suppose it's something positive /progressive....

mrslancaster

Suppose we should be thankful its not 65% tax which was being charged in 1983 - saw that on Reeling in the Years last evening.

Buddy Bubs

You start paying tax in 2022 until 2025 on twss. I understand it is reflected in people's tax bills that have alternative incomes than paye. But not payable straight away. Book a chat with an accountant to set you straight.

dennyk

You have to pay tax on your income, just like everyone. Taxes were not deducted at source for PUP in 2020, for TWSS, and of course for rental income, so naturally you'll have a tax bill due on those incomes at the end of the year.

On the tax owed for PUP and TWSS income, Revenue will take that out of your tax credits for four years starting January 2022, if you'd prefer (though you also have the option of paying it all up front if you'd rather):

PUP Taxes

TWSS Taxes

For your rental income, that you'll have to pay in full by the deadline. (Well, you should have already paid that rental income tax for 2020 via your preliminary tax payment you made in 2020 itself, of course, but you'll have to make the same preliminary payment for 2021 by this October as usual, so it comes to the same in the end really...)

MoonUnit75

https://www.boards.ie/discussion/2058200891/horror

Many employees had an enforced pay cut during the pandemic if their employer availed of the wage subsidy scheme. Your ‘take home pay’ may not have been affected but your gross pay was substantially reduced on your behalf. You now have to pay back tax on your reduced gross pay.

CIARAN_BOYLE

Essentially you received €12K social welfare during the year.

Some was PUP when you were out of work and some was TWSS which supported you wages while you were in work. If you are still with the same employer I would put pressure on your employer to cover the portion of the tax liability related to your time on twss. Theres a scheme underwhich they can do for you without it being a taxable benefit in kind. If your company is doing well I would even be willing to suggest forgoing a raise if they would do so.

https://www.revenue.ie/en/jobs-and-pensions/twss/twss-tax-liability-paid-by-your-employer.aspx

As mentioned by others you have the option to delay those portions of your taxes related to twss for a period. If your employer isn't willing you to do that you have the option.