Tax calculations, please help?

Wanderer2010

Hi all, I got my P60 a few weeks ago, as you do every year, and a workmate of mine said he got a cheque for 150euro for incorrectly calculated tax and when i asked about it, he said that every year, he posts is a copy of his P60 with a cover letter asking the revenue has the tax been calculated correctly and is he entitled to a refund. I have never once done this, I hav eonly claimed for medical procedures, doctors etc.

My question is, what exactly are you asking the revenue to do with the figures you give them? Double check them and give you a refund if applicable? Im not 100% up on tax credits etc and i know you run the risk of having to pay them back money but has anyone else done this and is it worth it? Im a single man in his 30s if its any help.

P.S I have already sent in the letter asking for any PRSI miscalculations to be paid back if applicable (havent heard anything back yet theough!)

Any help on this would be greatly appreciated thanks.

puzzle factory

i usally go into the local tax office at the start of every year with my p60,have always got some bit back.if thats any help to you,i presume its the same thing because i have to sign a piece of paper saying i want my prsi thing checked.

Eoin

This might be what you're looking for: P21 balancing statement:
http://www.revenue.ie/en/personal/p21-balancing-statement.html

Also, I think this is better suited in the taxation forum.

relax carry on

Wanderer2010 wrote: »

Hi all, I got my P60 a few weeks ago, as you do every year, and a workmate of mine said he got a cheque for 150euro for incorrectly calculated tax and when i asked about it, he said that every year, he posts is a copy of his P60 with a cover letter asking the revenue has the tax been calculated correctly and is he entitled to a refund. I have never once done this, I hav eonly claimed for medical procedures, doctors etc.

My question is, what exactly are you asking the revenue to do with the figures you give them? Double check them and give you a refund if applicable? Im not 100% up on tax credits etc and i know you run the risk of having to pay them back money but has anyone else done this and is it worth it? Im a single man in his 30s if its any help.

P.S I have already sent in the letter asking for any PRSI miscalculations to be paid back if applicable (havent heard anything back yet theough!)

Any help on this would be greatly appreciated thanks.

When you claim for health expenses or anything else, the entire year of the claim is looked at, so there would not be an extra from sending your P60 in. Do you ever read the P21 balancing statements that come when you request reviews based on your health expenses?

Refunds of tax happen 2 main ways;
1 You claim reliefs like health expenses etc against tax paid.
2 You claim for an overpayment of tax for being on the emergency basis or for being on the week one basis of tax perhaps in multiple employments in one year.

Mistakes can be made by employers during the year but normally if a P60 is sent to Revenue where one hasn't had multiple employments or are claiming additional credits or reliefs, then it balances. That means no overpayment or underpayment.

Also, this mad notion of firing in P60s every year is for the most part a drain on already stretched resources. If you need to carry out a review for a particular year, just do it online. It's a 48 hour turnaround versus up to 10 to 12 weeks and you free up resources which can be used elsewhere.

http://www.revenue.ie/en/personal/tax-refunds.html

http://www.revenue.ie/en/online/paye-anytime.html

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