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Tax credits

  • 17-05-2006 10:56am
    #1
    Tusky
    Registered Users, Registered Users 2 Posts: 17,080 ✭✭✭✭


    I got a new job and was told to ring the tax office and inform them to refund my tax credits onto my next paycheck. Is that how it works ? Last I remember I had around 1000 tax credits. How exactly does that work ?


Comments

  • #2
    Johnmb
    Closed Accounts Posts: 2,150 ✭✭✭Johnmb


    Get your employers tax reg number, and your own PPS number, phone the tax office and tell them to assign all your tax credits to your new employer. You won't get back any tax unless you've actually paid some that would have been covered by the credit. If you haven't worked anywhere else this year, then the only tax you'll get back will be any emergency tax you pay in this job, but you also shouldn't end up paying much for a while. But if you haven't worked, make sure the tax office are aware of this and give your new employer the full tax credits. They often of give partial credits if they aren't sure what you were up to for the first part of the year.


  • #3
    charba
    Closed Accounts Posts: 299 ✭✭charba


    Tusky wrote:
    I got a new job and was told to ring the tax office and inform them to refund my tax credits onto my next paycheck. Is that how it works ? Last I remember I had around 1000 tax credits. How exactly does that work ?

    the basic tax credit for a single person is 1580 and for an employee you will also receive a tax credit of 1270. These are spread out over the year. Other tax credits will be applied to your own assesment depending on your own circumstance.

    For example you are entitled to a tax credit of up to 600 euro if your renting a house. However unlike the PATE Credit and the single person credit you will have to apply for these to the tax office

    Once you let the revenue service know that you have changed your job they will send a new tax cert to your new employer and from this the company will know what to deduct from your wages. As Johnmb said you will pay emergency tax if you do not this get sorted out ASAP, for the first month this won't be too bad however as the months pass by you will find that your salary is just decreasing loads due the tax.


  • #4
    Tusky
    Registered Users, Registered Users 2 Posts: 17,080 ✭✭✭✭Tusky


    charba wrote:
    the basic tax credit for a single person is 1580 and for an employee you will also receive a tax credit of 1270. These are spread out over the year. Other tax credits will be applied to your own assesment depending on your own circumstance.

    For example you are entitled to a tax credit of up to 600 euro if your renting a house. However unlike the PATE Credit and the single person credit you will have to apply for these to the tax office

    Once you let the revenue service know that you have changed your job they will send a new tax cert to your new employer and from this the company will know what to deduct from your wages. As Johnmb said you will pay emergency tax if you do not this get sorted out ASAP, for the first month this won't be too bad however as the months pass by you will find that your salary is just decreasing loads due the tax.

    aha, thanks.


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