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Can I apply for tax back?

  • 19-08-2008 9:45am
    #1
    abi2007
    Closed Accounts Posts: 726 ✭✭✭


    I'm just wondering if I can apply for tax back if I give up my Job? I heard if your out of work for 6 weeks you can get your tax back that you paid that year. I'm starting full time education in september... will that effect me getting tax back?


Comments

  • #2
    [Deleted User]
    Posts: 16,720 ✭✭✭✭ [Deleted User]


    There was a recent thread about the same thing, but I'm unsure myself about anything (so your local tax office or revenue would be the place to go to).


  • #3
    abi2007
    Closed Accounts Posts: 726 ✭✭✭abi2007


    thanks!


  • #4
    Truss
    Closed Accounts Posts: 89 ✭✭Truss


    Don't take this 100% but having talked to tax people in office this is how it appears to pan out...all figures are just examples

    You earn 25k in a year
    You should pay tax @20% on that in one FULL year which equals €5000 tax
    You're tax credits (if single €1360 + PAYE €1360) total €3660
    Therefore €3,660 worth of tax is protected from government hands
    You deduct €3,660 from €5,000 to get the amount of tax the government will take off you - it equals €1340
    So the government works out that you owe them €1340 in tax for a WHOLE year's worth of work which if you are paid weekly (for argument sake) means you pay them €1340 divided by 52 (weeks) which equals €26 per week

    BUT!

    If you work say 40 weeks in a year not 52 then things change because your tax credits aren't divided by the amount of weeks you work they are set whether you work one week or 52.

    If you earn €25k per year then you earn €480 a week - if you worked 40 weeks you earned €19200 in one PART year.
    You only pay tax on what you earn so tax @20% on €19200 equals €3840
    Again deduct credits €3840 minus €3660 equals €180
    You take the €180 divide by 40 (weeks worked) and you get €4.50
    So you should have only been paying €4.50 per week tax

    Government's been charging you €26 a week which times 40 weeks equals €1040
    They should have only been charging €4.50 a week which times 40 weeks equals €180

    You deduct the amount you should have paid from the amount you have paid to get the amount you are due back €1040 minus €180 equals €860 due back...not the sum a lot of people think they'll get back but better than nothing...

    Really hope my figures are right...and that the whole thing is right too...


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