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only worked 6 months of year - approx how much tax will I get back?

  • 03-04-2008 1:12pm
    #1
    ergo
    Registered Users, Registered Users 2 Posts: 856 ✭✭✭


    OK, so in 2005 I was completing a full time masters for the first part of the year and only worked from July to December. I know , I know, I should have claimed this back ages ago but there are many (stupid) reasons I haven't yet, and I aways knew I still could but between having a busy job and not getting round to it, anyway, I have requested the tax review now (as I am between jobs and not exctly flush with the cash).

    The question is: what to expect?

    if for example, my P60 for that year says I earned €20,000 and paid €7,000 tax is it as simple as calculating that (being single) I should pay 20% on anything up to 34K and therefore should have paid 20% of €20,000 ie €4,000 and therefore should get €3,000 back......?

    is it that simple?


Comments

  • #2
    pigeonbutler
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭pigeonbutler


    It's not that simple. It's probably more beneficial than you think actually.

    The amount of tax you should have paid is (€20,000 x 20%) i.e. 4,000 - Your tax credits.
    For a single employed person the credits should be €3,520 IIRC. therefore you should have paid €480 tax and will receive a refund for anything over and above that.

    As you were working July to December and were paying tax can I presume you were on the emergency basis? As otherwise your unused credits from Jan-June would have reduced your tax deductions to zero for the first 4/5 months of working.


  • #3
    ergo
    Registered Users, Registered Users 2 Posts: 856 ✭✭✭ergo


    pigeonbutler wrote: »
    As you were working July to December and were paying tax can I presume you were on the emergency basis? As otherwise your unused credits from Jan-June would have reduced your tax deductions to zero for the first 4/5 months of working.

    Yes, it seems I was paying emergency tax for that duration (from looking at my total tax deductions anyway).

    Thanks for the above answer, it's been very helpful. Will just have to wait and see what Revenue come up with.....


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