Tax credit and Standard rate allocation for previous years

MOH

Recently applied for my ROS pin. When I logged in for the first time, I discovered that a portion of my standard rate allocation and of my personal tax credit were being allocated towards a company I used to work for, which was dissolved a couple of years ago.

I've corrected the allocations for this year through ROS.

I presumed it was a matter of correcting the previous years and requesting a P21 balancing statement - however, I can't see any facility for correcting previous year's allocations through ROS.

Have I missed something - is it possible to do this online? I emailed my local Revenue office last week but no reply yet. I'll need to get it sorted soon as I suspect it could go back to 2005, so need it fixed by December.

Sand Wedge

If you do not have to reallocte previous years tax credits and cut offs. Simply request a P21 Balancing Statement for these years and any refund due to will be calculated.

MOH

Sand Wedge wrote: »

If you do not have to reallocte previous years tax credits and cut offs. Simply request a P21 Balancing Statement for these years and any refund due to will be calculated.

Sorry, not sure if my initial post was clear. I do need to correct the cut off and credits allocation for the last few years.

dbran

Hi

I think you will need to file a form 12 for each of the years. Its not as daunting as it sounds as it should only require a couple of boxes to be filled in.

Kind Regards

dbran

Beal Tuille

Manually fill in a Form 12 for the year(s) in question and a P21 will issue.

These forms can be downloaded at www.revenue.ie

If you are going back to 2005 you need to have the form filled in and off before 31 Dec 2009 or else your potential refund is lost and gone forever.

Don't forget medical expenses (pres med and doctor visits) are allowable as are bin charges and any relevant course fees (wine appreciation etc are not allowable)

Sand Wedge

Maybe i have the wrong idea here. Should applying for a P21 online not suffice. The OP is not looking to claim any additional tax credits or cut-offs, The OP is merely trying to have credits and cut-off apportioned to employment that he is no longer at to his current employment. When the P21 statement is being issued it will automatically assign his full standard cut-off and tax credits to the total income he has for the year. As he has only the one Income all credits and cut-off (even those currently allocated to different employer) will be set against his income, therby calculating a refund due to the OP.

I stand to be corrected on same!

dbran

Hi

I believe you can only adjust the credits for the current year only and not previous years. Once it goes past the current year you need to file a tax return to finalise the tax position.

Kind Regards

dbran

MOH

Thanks for the advice folks. I've dug out a 2005 Form 12 from the revenue website - it looks pretty daunting alright! I'll have a look at it over the weekend and ring the revenue monday to make sure they need it, if they haven't malied me back.

Quick question, in the 'Employments' section, there's entries for Gross Income amount and Gross amount of tax deducted - I presume I should fill in the correct figures as I've calculate them, rather than what I actually paid? And the same goes for the rest of the form - put in what I believe is correct?
Guess I'll have go try to find a copy of my old P60

dbran

no its what you actually paid not what you calculate you should have paid. They will do that calculation.