I am a permanent, full time employee and receive a monthly salary. I have been in my current employment for almost a year, and have been working from home since mid March last. We have been assured by our employers that we are still quite busy and should remain working full time for the time being.
Recently our accountant has sent an email to several of the employees that we should request Revenue to switch us over to a monthly basis of assessment – 1 week/ 1 month basis.
I am aware that since our salaries are supplemented by Covid 19 payment, the tax situation is a bit mixed up, and I have received a higher salary last month with the overpayment now due to be deducted from this month’s salary. The accountant explained that this switching would mean that the salary overpayment/ deduction situation will not be happening again, and that it will automatically switch back to the cumulative basis from next January 2021.
I have been searching the askaboutmoney forums on this subject, also looked at the revenue and citizens information websites, but still cannot understand the full consequences of this change.
Would someone be able to please share your knowledge on how this change may affect my employee status (still full time permanent?), my annual leave entitlements, our mortgage application (we have approval in principle)? Anything else I should be aware of?
If it is not good for me to switch to the week 1 basis – do I need to do it?
Your advice and opinions will be greatly appreciated!
Mona
Recently our accountant has sent an email to several of the employees that we should request Revenue to switch us over to a monthly basis of assessment – 1 week/ 1 month basis.
I am aware that since our salaries are supplemented by Covid 19 payment, the tax situation is a bit mixed up, and I have received a higher salary last month with the overpayment now due to be deducted from this month’s salary. The accountant explained that this switching would mean that the salary overpayment/ deduction situation will not be happening again, and that it will automatically switch back to the cumulative basis from next January 2021.
I have been searching the askaboutmoney forums on this subject, also looked at the revenue and citizens information websites, but still cannot understand the full consequences of this change.
Would someone be able to please share your knowledge on how this change may affect my employee status (still full time permanent?), my annual leave entitlements, our mortgage application (we have approval in principle)? Anything else I should be aware of?
If it is not good for me to switch to the week 1 basis – do I need to do it?
Your advice and opinions will be greatly appreciated!
Mona