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Starting work - I'll be paying very little tax, I'm told. Why?

  • 27-06-2008 8:13pm
    #1
    Cellar_Door
    Registered Users, Registered Users 2 Posts: 182 ✭✭


    Anyone care to educate me on the basics here.

    I am starting a job for a couple of months, and I'm just out of college. I've been told I will pay very little tax, or can claim my tax back.

    I have never understood taxation, and now I am trying to attain some understanding of it.

    Why do I have to pay so little tax? I know it's connected to my being just out of college and starting out, but in what way?

    My employer asked for my PPS number - what does he need it for?

    Sorry if this sounds very, well, stupid. It probably is.


Comments

  • #2
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    Have a read of this page (Citizens Information). It should explain most of it reasonably well. In addition to PAYE you'll also end up paying some PRSI which you can read about on this page (Citizens Information).

    The reason you'll pay low tax is that you've been building up tax credits for 2008 since January 1st. Those will be offset against any tax you need to pay now. If you end up paying some tax in the couple of months and don't work enough between then and the end of the year to use up all your tax credits then you can apply for a refund for this tax year when you get your P60 in early 2009.


  • #3
    Cellar_Door
    Registered Users, Registered Users 2 Posts: 182 ✭✭Cellar_Door


    Thank you, sir.

    (You the baddest man in the whole damn town.)


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