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tax credit allocations

  • 12-01-2011 10:29am
    #1
    strokes1
    Registered Users, Registered Users 2 Posts: 149 ✭✭


    Hi
    My wife is returning from maternity leave next month and plans to work 3 rather than 5 days per week- will Revenue be able to advise us of the most effective way to allocate our tax credits in 2011? Or where could I go for this advice?

    thanks


Comments

  • #2
    farrentax
    Registered Users, Registered Users 2 Posts: 16 ✭farrentax


    Hi,

    I don't know if you have already received some help on this. However, the maximum a married couple can earn at 20% in 2011 is €65,600 (a significant drop from other years). In your circumstances the maximum your wife can transfer to you is €9,000 increasing your pay at 20% from €32,800 to €41,800. Your wife can then earn up to €23,800 at 20%.

    It is also beneficial to look at your tax credits, at present your wife has tax credits of €3,300, this means €16,500 of her Income is not taxed. If your wife is no longer earning €16,500 it would be beneficial to transfer some of her personal credit €1,650 to you to shelter some of your Income.

    Revenue have a helpful leaflet on this http://www.revenue.ie/en/tax/it/leaflets/it1.html


  • #3
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    If your wife is going on a 3 day week , she may possibly be able to claim Jobseekers Benefit for the other days , depending on contributions etc .

    If she claims benefits , remember they are taxable ., so she may need all her tax credits to cover this .


  • #4
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    allthedoyles wrote: »
    If your wife is going on a 3 day week , she may possibly be able to claim Jobseekers Benefit for the other days , depending on contributions etc .

    If she claims benefits , remember they are taxable ., so she may need all her tax credits to cover this .

    She will NOT be entitled to Jobseekers Benefit if she is choosing to work a 3-day week, regardless of contributions or anything else.
    A person is only entitled to claim for a partial loss of hours if they have had their hours reduced by their employer.
    It would be fraud if the OP's wife were to do what you have advised.


  • #5
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    barneystinson wrote: »
    She will NOT be entitled to Jobseekers Benefit if she is choosing to work a 3-day week, regardless of contributions or anything else.
    A person is only entitled to claim for a partial loss of hours if they have had their hours reduced by their employer.
    It would be fraud if the OP's wife were to do what you have advised.

    It would be unusual for an employee to dictate to an employer how many hours he/she wants to work .

    You are assuming that this employee is doing this , based on no facts .

    At the end of the day , it is the Dept of Social Welfare that will decide a persons entitlement to JB , based on current circumstances .

    Fraudulent advice is not welcome , and was never intended .


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