Do you employ staff? Their tax credits may be changing

The COVID-19 Wage Subsidy Scheme is not taxed in real time through the PAYE system but will be subject to Income Tax in the hands of the employee through an end of year review.

In light of the extension of the wage subsidy scheme to August, and in order to minimise the amount of tax owing by employees at the end of the year, all employees who received at least one payment under the COVID-19 Temporary Wage Subsidy Scheme or the Pandemic Unemployment Payment (PUP) will be placed on a Week 1/Month 1 basis going forward.

I have employees on the Temporary Wage Subsidy Scheme and have heard their tax credits are now changing. What do I need to do?

Message Us on WhatsApp
Visit Us On TwitterVisit Us On Facebook