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Tax Credits Accumulating?

  • 22-08-2007 1:33pm
    #1
    shepherd
    Closed Accounts Posts: 41 ✭


    Hey, Im about to start a new job, been doing a masters course the last year.

    A little bird just told me my tax credits since the start of the tax year accumulate?

    Does that mean that for the rest of the year, ill pay less tax per month than i might otherwise pay if it was a full year? :)

    Am I wrong? I didnt think it worked that way anymore...

    Thanks


Comments

  • #2
    loyatemu
    Registered Users, Registered Users 2 Posts: 15,373 ✭✭✭✭loyatemu


    tax credits and allowances are calculated on an annual basis - so yeah if you haven't worked this year so far you won't pay much tax on your first few paypackets.


  • #3
    eve
    Registered Users, Registered Users 2 Posts: 427 ✭✭eve


    Depending on what salary you are getting, you may not even pay any tax this year.


  • #4
    Borzoi
    Registered Users, Registered Users 2 Posts: 2,876 ✭✭✭Borzoi


    loyatemu wrote:
    tax credits and allowances are calculated on an annual basis - so yeah if you haven't worked this year so far you won't pay much tax on your first few paypackets.

    Of course you'll probably end up on "emergency" tax for the first few pay slips, which is at the top rate, then be hhome and dry:D


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