Many people in Ireland who availed of the government support in place during Covid are faced with tax bills reaching €2,500 in some cases.
Nearly 280,000 people have yet to contact the Revenue to organise a payment plan for their tax due and they will need to take action soon to avoid an automatic tax credit reduction.
Anyone who was in receipt of the PUP or TWSS schemes during lockdowns was given the option to pay back their income tax bill over four years - but they had to file a tax return in order to clear the charge.
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Revenue confirmed that the number of those left to contact them is close to 300,000 in relation to the PUP and the Temporary Wage Subsidy Scheme payments.
If you are one of those people, you need to file a tax return to Revenue indicating what method you would like to pay off the debt. You can clear the tax liability in one go or you can choose to have it deducted from your tax credits over a four-year period.
A spokesperson said: “Revenue estimates that there are approximately 279,000 taxpayer units who were in receipt of PUP and/or TWSS payments, and who have not yet filed a return, who may be in an underpayment position.”
A total of €219 million is owed, and so some of those who signed up for the PUP and TWSS schemes will be facing big tax bills of up to €2,500.
It is now understood that Revenue is likely to automatically reduce the tax credits of anyone who falls into this category - unless they make arrangements to pay the tax.
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