Tax

Five things you need to know about tax, 12 February 2021

Feb 12, 2021

In Irish tax developments, the Institute has liaised with Revenue for information on the tax treatment of the Temporary Wage Subsidy Scheme (TWSS), the Employment Wage Subsidy Scheme (EWSS) and the Restart Grant in the hands of the employer. In UK developments read about an error on HMRC’s job retention scheme calculator which may mean some claims need to be amended. While in international tax, the European Commission seeks feedback on the ‘VAT Gap’.

     Ireland

  1. See the information on the treatment of the TWSS, EWSS and Restart Grant for tax purposes in the hands of the employer;
  2. Revenue confirmed the Pandemic Unemployment Payment is taxable in real time in 2021 and will be factored into the tax credits and rate bands of recipients and their jointly assessed spouses;

    UK

  3. Read this week’s update on the job retention scheme which contains details of an error in HMRC’S job retention scheme calculator and the actions some claimants may need to take;
  4. The Powers and Evaluation forum report has been published; and

    International

  5. The European Commission seeks feedback on the VAT Gap in the European Union.

 

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