Theatre Forum Finance Session

Irma McLoughlin45min

Irma McLoughlin

00:53

Hi everyone, you're very welcome this morning to this finance session, and I'm Irma from theatre forum, and is here as well and we're delighted to have Jane Jackson with us from u h y for our leader Weiss limited Jamie really appreciate you being with us this morning, and how we're going to do this is we're going to look at the TW S S E ws s and the pup. I'm going to pose some questions that you all saw which were on the, on the theater Forum website but please add in your questions as well and then we can move through them too so Anna is going to be keeping an eye on the chat. So, just because we're sort of doing things slightly chronologically and I know a lot of us are dealing with just the kind of the legacy of TW s s at the moment, we're going to talk about that part first, and Jane, we were speaking about. Can you tell us a little bit about the TW s s closing all that off, tax liabilities for employees, and how, how we might all handled us.

Jane Jackson

01:55

Okay. All right, the TW SS came in last March, and was basically what until last August the end of last August, it was a subsidy scheme. So what happened was initially the subsidy wasn't to be taxable on the employee, we've seen since then it has become taxable on the employee, and that's what's happening now is that, please may have seen that, they are getting a preliminary statement from revenue to say that they have a liability for 2020. So that subsidy scheme ended in, in the end of August 2020 basically. So, the preliminary revenue statement from revenue has come through, and that may show that you are taxed for 2020

Irma McLoughlin

02:34

Now, what sort of options do employees have if they have a tax liability.

Jane Jackson

02:43

Okay, there's revenue won't be very helpful on this matter at all now to be honest with you, basically, most people are being pointed towards harassed online account revenue my account. This will only help certain people to get an idea of what the liability will be because if you're self assessed, then you have to do a tax return form and basically then the pointing you towards that find out what your liability is in contact revenue and ask them to give you the liability, they won't give it to you the putting all of this basically back onto the taxpayer. Now, that's the first problem, and that's a problem that most people are gonna have to try to calculate the tax themselves or the Galactica context and want to actually do that for them to find out what the liability is once you have that liability, then there are three options available to you. You can pay yourself. Now, you can ask revenue to put it through your tax credits for the next four years so basically what will happen is your tax credits will reduce. And you'll pay more tax on a month by month basis over the next four years to actually get that liability paid off. Or you can ask your employer to pay it for you. If you ask your employer to pay for you it has to be done by the end of June this year. What will happen after the end of June this year is your employer pays it for you, they'll be deemed to be a benefits in case, you'll end up paying tax on that benefits in case the revenues put the concession in place to say that if you were employed pays it for you by the end of June this year, lots of benefits in case it can just be paid and then it comes about.

Irma McLoughlin

04:11

Do you feel that there's one in particular that that will work best for people or do you think people need to figure that one out with their employers themselves or

Jane Jackson

04:20

I think it depends on that on a, on a person by person basis because obviously there's going to be employers that are struggling more than other employers, there may be some employers who are coming through this in not such a bad situation as other employers, and I'm thinking maybe in terms of I don't know, certainly some of some of your industry, maybe, for example, really wouldn't maybe have the cash flow to pay liability on behalf of the employees in terms of that situation then probably taking the option to have it paid over the next four years, would be the best thing to do maybe thinking about the liability of say 1000 Euro 90 by four years will take months you're looking at paying 20 euro and tax every month so it's not going to hit you that hard if you choose that option spreads over the next four years. Jane,

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