Assessable Spouse Election Form Help

She Devil

Can someone please advise me on this!
I am stuck absolutely stuck on it!

All this year I have got jobseekers, I am now in a part time job and I get casual time social welfare!

So what do I do, please forgive me for sounding so stupid :

Who is the assesable spouse? Me or Him?

where do you get your standard rate band?

relax carry on

She Devil wrote: »

Can someone please advise me on this!
I am stuck absolutely stuck on it!

All this year I have got jobseekers, I am now in a part time job and I get casual time social welfare!

So what do I do, please forgive me for sounding so stupid :

Who is the assesable spouse? Me or Him?

where do you get your standard rate band?

The assessable spouse is whoever you want it to be. Usually its the main earner. But you make the choice.
It is too late in the year for moving rate bands and credits. Any changes you make will only take effect from next year.
You both have a rate band of 32800 euro each. That means you can earn 32800 euro at the 20% rate of tax.
When opt for joint assessment you can transfer up to 9000 euro of that rate band to the main earner so long as its if benefit. Say the main earner is only on 30000 euro there would be no point moving any rate band as they wouldn't even be using all of their own.

The second portion of the tax system is your tax credits. You both have a PAYE credit of 1650 euro which is non transferable. You both have a personal tax credit if 1650 euro which can be transferred if you wish.

Check out the links below about using your rate bands and credits. Also Jobseekers benefit is taxable so add that to the income you are getting now to come up with your gross for the year.

http://www.revenue.ie/en/personal/faqs/how-do-i-work-out-my-tax.html

http://www.revenue.ie/en/tax/it/leaflets/it1.html

http://www.revenue.ie/en/tax/it/leaflets/it2.html

She Devil

Can I ask an even more stupid question?

What are the benefits? Like with me not earning much anymore, I've heard its good to transfer my credits to my husband!! Is this true?
Why is it so confusing!

relax carry on

She Devil wrote: »

Can I ask an even more stupid question?

What are the benefits? Like with me not earning much anymore, I've heard its good to transfer my credits to my husband!! Is this true?
Why is it so confusing!

The benefits of being joint assessed is if one person doesn't use all if their credits and rate bands, a portion can be transferred to the other. The benefit of these transferred credits/rate band means the person who receives them pays less tax.

You can do it at the start of every year by working out what you are going to earn for the year and then allocating the credits/rate band as appropriate. This means the person you moved the credits to pays less tax through the year.

Or if you are completely confused opt for a 50/50 split and then do an online review once you both receive your P60's every year. If any refund is due at that point it comes to you from Revenue.

She Devil

Relax Carry On this is really cheeky but do you mind if I PM you and ask for your advice on figures to put on the form judging by our annual income?

relax carry on

She Devil wrote: »

Relax Carry On this is really cheeky but do you mind if I PM you and ask for your advice on figures to put on the form judging by our annual income?

No bother. It will probably be tomorrow before I reply.