Temporary Wage Subsidy Scheme (TWSS)
Tax liability in your End of Year Review
In January 2021, Revenue made a Preliminary End of Year Statement available to you. The Preliminary End of Year Statement shows:
- information on the amount of TWSS you received, according to Revenue records
- a preliminary calculation of your Income Tax (IT) and Universal Social Charge (USC) for 2020
- whether your tax position is balanced, underpaid or overpaid for the year.
What you need to do
You will have an opportunity to update your personal record in myAccount by:
The additional information that you provide may impact your final IT or USC position.
What happens if you owe IT or USC?
You can either fully or partially pay any IT and USC liability through the 'Payments/Repayments' facility in myAccount.
To minimise any hardship, Revenue will collect the full or any remaining liability, interest free, by reducing your tax credits over four years. The reduction of tax credits will start in January 2022.
Next: TWSS tax liability paid by your employer