Important Year End Information for employEEs | 2020

Revenue have released the following information below on their website to help employees manage their tax and view their end of year statement or Employment Detail Summary (replaces old P60 from 2019)

If you are an employer, you should also read Important Year End Info for EmployERs 

Important end of year information for employees

This Revenue page is to help employees to:

• manage their Income Tax and USC
• claim credits and entitlements
• understand and review their 2020 tax liability 
• complete and review their Income Tax Return.

Summary of what will happen in 2021?

• Revenue will make an Employment Detail Summary (EDS) and a Preliminary End of Year Statement(PEOYS) available to you
• If you wish to claim additional credits, reliefs or expenses, such as health expenses or declare other incomes you will then need to complete your 2020 Income Tax return.
• Revenue will then generate your Statement of Liability confirming your tax position.
• Any overpayment of Income Tax or USC will be refunded to the bank account on record for you.  Please ensure your bank account details are correct in myAccount.
• Any underpayment may be
  • paid in full or partially through RevPay in myAccount or;
  • the remaining liability will be collected, interest-free, by reducing your future tax credits from 2022 over a maximum period of four years.

Managing your tax

The quickest and easiest way to manage your tax and claim your entitlements is through myAccount.  You can access or register for this single access point to all Revenue’s secure online services for PAYE taxpayers at myAccount.

Four year time limit

Claiming all the tax credits you are due ensures you receive your correct entitlements and pay the right amount of tax. There is a four time limit… READ ON >>

(Source: Revenue)

All the best, The Team at Jefferson

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