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Treatment of Taxable SW payments: figures on Tax Credit Certificate

  • 02-11-2011 3:08pm
    #1
    Carlow52
    Closed Accounts Posts: 2,389 ✭✭✭


    A friend, who is doing the F11 return for 2009 is in receipt of a taxable SW benefit, he gets three payments: him, Qualified adult (spouse) and Qualified child

    His Tax Credit Certs shows 2 figures related to this:

    his personal tax credits are reduced by 3,118
    the standard rate band is reduced by 15,592.

    He has asked me to explain this and other than establish that the child benefit is not taxable and the first 6 weeks are tax free I am at a loss as to what the 2 deductions mean.
    Also when filling out the SW amount on the F11 is it net of the 6 weeks and the child benefit?
    Thanks

    ps the 3 payments seem to be 204.3/135.6/26


Comments

  • #2
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,892 ✭✭✭allthedoyles


    all the above figures are correct based on him receiving this SW Benefit for 52 weeks in tax year.
    If you multiply the 3118 by 5 , you get 15,590 . So this means that his tax credit SRCOP has been reduced by 15590e and therefore his actual tax credit has been reduced by 3118e.
    The first 2039e in a tax year in disregarded . In a 52 week calendar tax year , he would get 17,675 for both himself and his qualified .
    If you deduct the 2039e , it works out at 15590e .

    However , in my opinion , this person should ask for a statement of earnings from SW for the calendar year in question .

    This will verify that the above figures are correct .

    When filling in Form 11 , use net figures ( disregarding the 6 weeks and CB )


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