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Explainer: Preliminary 2020 tax bills are now available to all PAYE workers but how does it all work?
Your final bill can be significantly reduced to zero or even turned into a refund. By Ian Curran Friday 15 Jan 2021, 4:29 PM Jan 15th 2021, 4:29 PM 51,856 Views 17 Comments
Image: Shutterstock/Bianca Grueneberg
Image: Shutterstock/Bianca Grueneberg
FROM TODAY, ALL PAYE workers can check if they have any outstanding tax liabilities from 2020.
This morning, the Revenue made preliminary statements of tax liability available for all employees through the MyAccount portal on the Revenue.ie website.
Some 46% of us will have no outstanding balance for 2020 but 27% (over 600,000 workers) will have some sort of a hangover from last year.
Over 630,000 people will be hit with tax bills from Revenue today.
Those who received the two main Covid-19 support schemes last year should pay particular attention to this document.
Figures released by Revenue last night show that around 420,000 people will be issued with bills as a result of payments they received under the Temporary Wage Subsidy and the Pandemic Unemployment Payment.
71% of those in receipt of the TWSS in 2020 have underpaid tax and will receive a tax bill.
Just 33% of those who received the PUP will have to pay up, while 48% will actually be entitled to a refund.
Revenue said the statements will be issued this morning, and can then be accessed through the MyAccount facility on the Revenue online service.