According to a recent survey, around 40% of Irish workers are unaware that they could face an upcoming tax bill if they were on the Temporary Covid-19 Wage Subsidy Scheme (TWSS).
The survey, which was conducted by Taxback.com as part of their Taxpayer Sentiment Survey Series, also found that slightly over half (53%) of workers haven’t checked whether they have a tax liability as a result of the payment.
“We are concerned at the high number of TWSS recipients out there who still seem to be unaware that they may now owe Revenue money,” said Marian Ryan, consumer tax manager for Taxback.com.
“Even of those taxpayers who are aware they might have a tax bill most have yet to check, with many of them saying it’s not simple because they don’t know where to find out this information (41%), while the remainder simply don’t want to know.
“This burying your head in the sand approach to financial affairs is concerning and is never in a person’s best interests.”
The Taxback.com survey also indicates that as many as 95% of TWSS employees are likely to have to pay the tax bill personally with little outside assistance.
The survey’s sample was 1,500 taxpayers from around the country.
Respondents were asked “Are you aware that you may now owe extra tax as a result [of being on TWSS]?”
37% responded that they did not know. 58% answered that they did know, while 5% said that they knew they owed the tax, but their employer was going to pay it for them.