Workers may face big tax bill
It has been well flagged that government reliefs are taxable benefits and that the tax would be collected at a later date. While it has taken some time for Revenue to work out how they are going to collect the taxes due on these payments, it is likely that all repayments will be done over 1 or 2 years by the reduction of tax credits in 2022 and 2023.
Obviously, individuals can repay the tax due in full via a single payment to Revenue to avoid their tax credits being reduced. And it is important to claim any additional tax credits (eg medical expenses) which will help to reduce any tax payable.
If Eolas Money can help you in any way with your taxes or any financial planning requirements, please just get in contact @ email@example.com or 052 6129696.