I am just wondering if there is a flaw in the wage subsidy scheme (or flaw in my thinking, probably the later but I just want to think out loud) calculations that has meant employees on it have in reality got a pay cut (I am easily wrong on this)
We are taxable but just not at source.
While my take home pay is the same as before entering the scheme, I owe the tax on it to the revenue (by way of reduction of credits in 2021) while previously I had the same take home pay but tax had been deducted by the employer.
My own calculation (probably wrong) is for the last 3 months, the effect is a 14% decrease in the gross.
We're all accountants in my workmy wages Actually increased because I wasn't being taxed on the Covid subsidy.
So I'll have to pay that back next year.
I assume it'll balance out.
I think your take home pay should have increased. Or else you shouldn't owe Money to revenue next year.
Actually sounds like the accountant in Your work Has made a balls of it
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