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Started working in July - Do I get full years tax credits

  • 03-11-2010 10:58pm
    #1
    BRENSH
    Closed Accounts Posts: 67 ✭✭


    Hi all you tax experts,

    I started working in July. It is nearly the end of the year now. I am getting tax the normal rate and I am getting the tax credits deducted for the tax. Even though I will be only working only 6 months this year, but do I get all my tax credits. Effectively wiping all the PAYE tax I pay this year.

    Effectively what I am asking. Do I get to claim back my tax through the remaining tax credits.

    Is this correct!

    Thanks!!!


Comments

  • #2
    riptide
    Registered Users, Registered Users 2 Posts: 739 ✭✭✭riptide


    BRENSH wrote: »
    Hi all you tax experts,

    I started working in July. It is nearly the end of the year now. I am getting tax the normal rate and I am getting the tax credits deducted for the tax. Even though I will be only working only 6 months this year, but do I get all my tax credits. Effectively wiping all the PAYE tax I pay this year.

    Effectively what I am asking. Do I get to claim back my tax through the remaining tax credits.

    Is this correct!

    Thanks!!!
    Another way of explaining this... you get 12 months tax credits and your standard rate cut off limit for 12 months. Whatever you earn .. whether its through 6 months work, 12 months or 12 minutes within that 12 month period will attract your 12 months worth of credits and associated Cut Off limit amount. So ya... for 6 months work you'll pay a very low effective rate of tax.


  • #3
    BRENSH
    Closed Accounts Posts: 67 ✭✭BRENSH


    Thanks..

    Nice...

    I just wanted to confirm my theory.


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