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  • 25-06-2012 7:57pm
    #1
    Shinaynay
    Registered Users, Registered Users 2 Posts: 225 ✭✭


    Hi There!

    I am a member of the PAYE anytime ROS online services. When I click on the year 2012, there is two green sections called PAYE Tax Credit and Personal Tax Credit, beside which there is a some of money, claiming to be 'Gross Relief Due'.

    It gives me an option to 'claim' it. Is this money that I am entitled to claim? Or just something that goes on a Tax Credit form?

    I find the whole terminology used very confusing (with regard to taxation) but perhaps I shouldve payed more attention in Business Studies...

    Would really appreciate any help here


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    It is gross relief available to be set off against PAYE.

    I am setting up a tax website that will explain a lot of this in plain English but it is not live yet.

    No PAYE Paid - No relief or no refund. They are not refundable credits


  • #3
    Shinaynay
    Registered Users, Registered Users 2 Posts: 225 ✭✭Shinaynay


    Mr. Incognito wrote: »
    It is gross relief available to be set off against PAYE.

    I am setting up a tax website that will explain a lot of this in plain English but it is not live yet.

    No PAYE Paid - No relief or no refund. They are not refundable credits

    It still makes little or no sense to me, but thanks for your reply


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


    Shinaynay wrote: »
    Hi There!

    I am a member of the PAYE anytime ROS online services. When I click on the year 2012, there is two green sections called PAYE Tax Credit and Personal Tax Credit, beside which there is a some of money, claiming to be 'Gross Relief Due'.

    It gives me an option to 'claim' it. Is this money that I am entitled to claim? Or just something that goes on a Tax Credit form?

    I find the whole terminology used very confusing (with regard to taxation) but perhaps I shouldve payed more attention in Business Studies...

    Would really appreciate any help here

    God, this is one of the reasons Revenue should run a program on basic PAYE in secondary schools and third level.

    The link below explains how PAYE operates (for the most part if you did maths at any level in secondary school, you can understand it) but I'll address a few of your questions anyway.

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

    Starting with tax credits. They are not money for you to claim otherwise the country would be even more broke than it is. Tax credits are one half of the PAYE system of taxation.
    It goes like this, (example based on single person with standard tax credits in 2012 and yearly income)
    You have a standard rate band of €32800 yearly which means you can earn up to 32800 in one year at the 20% rate of tax. Let's say you earned 20000 in one year, that's 20000 @ 20% = 4000 Euro tax to pay. This is where your tax credits now come in; you have one personal tax credit of 1650 and a paye credit of 1650 so you deduct them from the tax due (4000 - 1650 - 1650 = 700) So you actually pay 700 Euro tax instead of 4000.
    To figure out your monthly or weekly amount of tax due just divide by 52 or 12.

    Now to the PAYE Anytime system; credits in green you have already claimed, blue are ones you may be able to claim and grey are ones you can't claim for some reason.


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