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P21 Balancing Statement - In what circumstances will you overpay tax?

  • 30-08-2011 8:27pm
    #1
    Stabshauptmann
    Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭


    The option exists to apply for a P21 and have revenue re examine if you paid the correct amount of tax last year. This may result in a refund or additional charge.

    In what circumstances are you likely to have over paid tax and be due a refund?

    I was thinking that a large payment one month may result in over paying PRSI; or perhaps where income is inconsistent month by month you may not have used all your tax credits. Am I right?

    Does anyone have better / exhaustive explanation?


Comments

  • #2
    thesimpsons
    Registered Users, Registered Users 2 Posts: 1,696 ✭✭✭thesimpsons


    By no means an exhaustive explanation but if you haven't claimed all your tax credits then you could have overpaid on tax due. Credits which can be claimed include medical expenses, refuse charges, flat rate expenses, Home care allowances, etc, etc. and if you haven't claimed them at the start of the year, you can submit a tax return and claim for them then and get your refund. It could also be as simple as your employer inputting your tax credits incorrectly and no one noticing. If you have changed job during the year its also possible there can be a discrepancy between the two employers resulting in either an overpayment or underpayment of tax by you.


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