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Help with Tax

  • 14-03-2011 7:59pm
    #1
    DM2500
    Closed Accounts Posts: 3 ✭


    Hi everyone,

    I'm looking for some advice as to claiming a tax refund.

    I lost my job at christmas and applied after 4 weeks with the P50 form. I've been waiting since and today received the P21 balancing statement. What's happens now as the form is not really very clear as to weather I will receive my tax back from 2010 now that I'm unemployed.

    does anyone have experience of this of what will happen next? I assume that i'm still unemployed I would be entitled to my full tax for 2010 back but I'm not sure now that I have seen the form which states I have overpaid a small amount.

    Thanks in advance


Comments

  • #2
    spcw
    Registered Users, Registered Users 2 Posts: 199 ✭✭spcw


    Does not work that way, you worked the complete year more or less in 2010 so all your allowances were used up. Refunds are based on unused allowances that the tax man assumes you will use over a full year. So if you were let go in july and did not work till the new year some tax would be refundable.

    Try claiming refuse charges or medical expenses or union fees or dental expenses or unclaimed pension contributions.

    Sorry

    SPCW


  • #3
    DM2500
    Closed Accounts Posts: 3 ✭DM2500


    thanks for the help, i know that in the UK it worked differently that you get your last years tax back as if your unemployed.

    Really annoying as was hoping to get a few bob back as a result. Oh well that's the way your luck rolls sometimes.


  • #4
    seco
    Registered Users, Registered Users 2 Posts: 81 ✭✭seco


    Generally tax refunds in an unemployment situation arise from the unused tax credits in the period from unemployment commencing to the end of the tax year. The refund can also be impacted if earnings are taxed during employment at 41% but when averaged over a full tax year, including the time unemployed, may sometimes result in tax overpaid.

    Given that you were practically employed for the full tax year, the likelyhood is that the refund would be small, considering the level of detail which you supplied.

    Ensure that you have claimed all your tax credits, a full list is at Revenue.ie and if you received a lump sum that was taxed at cessation, ensure that it was properly taxed as there are a number of ways to calculate the tax.


  • #5
    DM2500
    Closed Accounts Posts: 3 ✭DM2500


    thanks for the help folks.

    Was hoping for a different answer but things happen that way


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