Really need some advice please

Neil_Sedaka

Hi All,

I am self employed and my return for 2009 saw me pretty much break even.
I filed my return via ROS and owed nothing in income tax.
I won't be owing anything next year either, as I'm probably at a loss this year and so will be winding the business down in the next couple of months.



I opted for separate assessment, but used little or none of my tax credits for 2009.
My wife is a PAYE worker and I'm wondering if she can somehow use my tax credits for 2009, or even if we can claim a refund of sorts??

Any help or advice really appreciated.

Thanks.

Neil_Sedaka

Anyone?

Thanks.

Dixie Chick

If you were to elect to be jointly assessed then your wife and you could share tax credits, ie: she would be able to take your 1830 married persons credit for 2009

Neil_Sedaka

Thanks,

Rang revenue and they told me she can claim my unused credits for 2009.
Not exactly sure how that works, but she'll have to request them through PAYE.

nompere

Neil_Sedaka wrote: »

I opted for separate assessment,

Why?

I've posted these comments before, but they bear repeating.

Joint assessment and separate assessment should always produce the same level of taxation - the only difference lies in who pays more or less of the tax, and that gets determined by how you share credits, etc.

Single assessment will never produce a lower amount of tax than separate assessment - but if circumstances change then it can produce a higher amount of tax.

From a practical point of view it's harder for Revenue to go wrong when you are jointly assessed. I'm sure all practising tax people have seen two separate assessments where the divisions haven't worked properly. I know I have.

Neil_Sedaka

I needed my tax credits to lessen my bill at the end of the year.
Not that we, as a couple, gained anything, but I found it easier to have that TFA to fall back on.

Course, had I set aside funds throughout the year.......................:o