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  • 31-12-2011 12:39am
    #1
    DirtyBollox
    Registered Users, Registered Users 2 Posts: 7,674 ✭✭✭


    Sorry if this has been asked but i am clueless about the whole taxation system and all that. i know i get taxed but thats about it. i signed up online and got the pin, logged in and can see as far back as 2007. as was mentioned before in another thread its going to bypass 2007 in a day or so.

    anyway what exactly are tax credits and when it says i that the gross relief due is X amount does this mean that when i claim it i get that amount back? or what exactly happens?


Comments

  • #2
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    DirtyBollox wrote: »
    Sorry if this has been asked but i am clueless about the whole taxation system and all that. i know i get taxed but thats about it. i signed up online and got the pin, logged in and can see as far back as 2007. as was mentioned before in another thread its going to bypass 2007 in a day or so.

    anyway what exactly are tax credits and when it says i that the gross relief due is X amount does this mean that when i claim it i get that amount back? or what exactly happens?

    First things first. Refunds of tax are dependant on tax paid. If you paid no tax then no refund is due.
    However if you paid tax you MAY be entitled to a refund. Everyone's situation is different so do not attempt to compare yourself to others.

    Tax credits reduce the amount of tax you are due to pay during an active tax year but if they are claimed retrospectively, they MAY lead to a refund of tax paid.

    On the year tabs, anything in green you have already claimed. This should include the automatic credits like the PAYE and Personal credits.

    Anything in blue you may be entitled to claim like the rent tax credit. For example in 2008 if you paid 1000 in tax and paid say 6000 rent you would be able to claim a maximum rent tax credit of 400 euro (20% of the max allowable rent paid of 2000 euro) Using the same example if you paid only 200 tax you could only get 200 euro back. Or if you paid only 1000 euro in rent for the year you could only get 200 euro back as 20% of the 1000 euro is 200 euro.

    Watch the videos on how to use the service and follow the onscreen prompts. There are help prompts on every screen so look out for them.

    As a separate point, check out the Revenue website for an explanation of the PAYE system. There are plenty of examples explaining how it works. As this tax effects you everytime you get paid, you really should make an effort to understand it.


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