P21 Balancing Statement and tax back question

Pittybitty

Hi all,

Not sure if this is the right forum - mods if not please move! Basically I resigned from my job due to circumstances I'm not going into here as this forum is not the place for it asmoney is a bit thin at the moment I was advised that I may be able to get some tax back through something called a P21 Balancing Statement. Can someone tell me how i go about this as I'm fairly clueless with things like this?

Any help would be greatly appreciated

relax carry on

A P21 balancing statement is not a method of reclaiming tax. It is exactly what it says it is, a "balancing statement" for a given tax year. You get one by requesting a review of a tax year. Depending on your circumstances you may get a refund along with the P21. As the tax year 2011 has not ended yet you cannot get a balancing statement for 2011.

For requests referring to an active tax year you need your P45 and a completed form P50 from the Revenue website. The link below will take you to it. Send both to your local office and you might just be in time to get a partial refund before the end of the year. Otherwise if you can wait, just do a 2011 review online in January.

http://www.revenue.ie/en/personal/faqs/changing-jobs-unemployed-periods.html

Pittybitty

Thank you!

thesimpsons

just be aware that a balancing statement could unfortunately show up an underpayment of tax. Be sure you are claiming all your possible tax credits to reduce your tax bill as much as possible

allthedoyles

Also note that if you do qualify for a SW benefit , it may be taxable and use up some/all of your monthly tax credit .

As you resigned from your job , you may not qualify for Benefit for 9 weeks , so you could be lucky and have a months free tax credits to claim .