If you received the Pandemic Unemployment Payment – PUP in 2020, this message is for you!!
During 2020, when you received the PUP from the Department of Social Protection, even though all payments received that year were taxable income, the tax was not collected at that time.
In January 2021, Revenue issued your Preliminary End of Year Statement. This statement shows whether your tax position is balanced, underpaid, or overpaid for the year.
Now, you have an opportunity to bring your tax affairs up to date. You can do this by completing the Income Tax Return 2020 to declare any additional income and claim any additional tax credits due such as qualifying health expenses or Remote Working Relief.
But @accountingpro, what happens if I owe Income Tax or USC?
In this case, you can either fully, or partially, pay any Income Tax or USC liability through the ‘Payments/Repayments’ facility in myAccount.
Alternatively, Revenue will collect the full, or any remaining, liability interest-free. This will be done by reducing your tax credits over four years, and future refunds will be offset against any tax due or owned under the PUP payments received, until this tax is fully collected.
If you still have any questions or need further assistance with your 2020 Tax Return you can call or send us a message 📞 083 003 1264.