The income tax hit to those on the Pandemic Unemployment Payment (PUP) will act as a disincentive for people on low incomes to return to work, it has been claimed.
Shock as Pandemic Unemployment Payment recipients will have to pay all income tax due this year if they return to work thesun.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thesun.ie Daily Mail and Mail on Sunday newspapers.
The Director of Public Policy at Chartered Accountants Ireland says Revenue will collect the tax owed on the Pandemic Unemployment Payment for 2021 by reducing people's tax credits when they return to work.
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Self-assessment taxpayers have been given an extra month to file their online tax return as HMRC said it recognised the “immense pressure” facing businesses.
HM Revenue and Customs said anyone who could file by the usual January 31 deadline should do so - but anyone who can’t will not be hit with a late filing penalty if they do file online by February 28.
However, taxpayers still have to pay their bill by Sunday, with interest charged from February 1 on any outstanding liabilities.
Taxpayers who cannot afford to pay their tax bill on time can apply online to spread their bill over up to 12 months - although they have to file their tax return before such an arrangement can be made.