Five things you need to know about tax, 13 November 2020

Nov 13, 2020

The Irish Revenue issues guidance on the income tax debt warehousing scheme and confirms that it expects PUP payments to be reflected in 2020 preliminary tax for self-employed individuals under the 90 percent payment option. In UK developments, the Government provides further guidance on the extended furlough scheme. While on the international front, Panama makes progress in international tax co-operation. 

     Ireland

  1. Revenue publishes information for taxpayers seeking to access the debt warehousing scheme for their 2019 tax liability balance and preliminary tax for 2020;
  2. Revenue says that the PUP should be included in 2020 preliminary tax for self-assessed taxpayers if the taxpayer bases preliminary tax on 90 percent for their income tax for 2020;

    UK

  3. Further guidance on the conditions to meet the extended job retention scheme are available;
  4. More details on the further extension to the self-employed income support scheme have also been published;  

    International

  5. Panama deposits its instrument of ratification for the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to prevent base erosion and profit shifting.