James Cox
Almost 40 per cent of workers are unaware that they may be facing a tax bill arising from being put on TWSS (Temporary Covid-19 Wage Subsidy Scheme), according to a new survey.
More than half (53 per cent) haven’t checked whether or not they have an outstanding tax liability as a result of receiving the payment.
These are among the primary findings of the most recent Taxback.com Taxpayer Sentiment Survey Series, which looked at the Covid income support introduced by the Government last year which has now given rise to tax bills for thousands of workers throughout the country.
The tax refund specialists surveyed over 1,500 taxpayers from their customer database throughout the country.
The findings show that there is still a significant scarcity of information and awareness among workers who have been placed on the scheme by employers over the last 12 months, as to their resulting tax position and liability.
The Taxback.com survey asked respondents who received the Covid-19 payment TWSS:
Are you aware that you may now owe extra tax as a result?
- I didn’t know that I might owe extra tax (37 per cent).
- I know that I might owe extra tax (58 per cent).
- I owe extra tax, but my employer is going to pay it for me (five per cent).
Marian Ryan, consumer tax manager with Taxback.com, said: “We are concerned at the high number of TWSS recipients (37 per cent) out there who still seem to be unaware that they may now owe Revenue money.
“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 per cent), 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 reveals that as many as 95 per cent of TWSS workers are likely to have to pay any outstanding tax bills themselves.
