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Tax Credit Query

  • 07-11-2012 8:17pm
    #1
    Antibac
    Registered Users, Registered Users 2 Posts: 1,101 ✭✭✭


    My wife has recently finished working and was going to get her Tax Credits transferred to me. I've asked our accountant at work and he says it is only 15euro a week you get but I've looked at the revenue at it says 3300 per person per year which is 63euro a week? Is this correct?


Comments

  • #2
    cee_jay
    Registered Users, Registered Users 2 Posts: 7,920 ✭✭✭cee_jay


    Thread moved to Taxation forum.


  • #3
    relax carry on
    Registered Users, Registered Users 2 Posts: 4,113 ✭✭✭relax carry on


    Antibac wrote: »
    My wife has recently finished working and was going to get her Tax Credits transferred to me. I've asked our accountant at work and he says it is only 15euro a week you get but I've looked at the revenue at it says 3300 per person per year which is 63euro a week? Is this correct?

    It varys from couple to couple depending on their earnings. Your spouse can transfer up to 1650 euro to you which is her personal tax credit. She can also transfer you 9000 euro rate band. The thing is she may have already used some or all of her personal tax credit and that rate band depending on her earningss so far this year. So you need to look at her p45 to work out how much she has used. Also keep on mind if she will ne getting jobseekers benefit, you need to hold some back to cover it as its taxable.

    There's no real married persons tax credit of 3300 euro. All it is, is combining your personal tax credit of 1650 with your spouses.


  • #4
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    1650 of that 3300 is the paye credit, which she wont be entitled to anymore as she isnt working. But you ll get a homecarer credit of 810 to compensate (assuming you have kids).

    The 15 euro could be because its Nov now. We no breakdown of the current split its impossible to give advice on 2012 - only 2013.

    So for 2013 you should get 3,300, your paye credit and a homecarer credit. These may be reduced in the upcoming budget


  • #5
    Antibac
    Registered Users, Registered Users 2 Posts: 1,101 ✭✭✭Antibac


    Do you guys think it's worth it? Or should we leave as is? Is there any downside to changing the credits?


  • #6
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,004 ✭✭✭Citizenpain


    Antibac wrote: »
    Do you guys think it's worth it? Or should we leave as is? Is there any downside to changing the credits?

    Go for it.... Just ring revenue and they will advise you the best way to split it

    The other thing to remember is that just because your wife cannot transfer her PAYE credit to you does not mean that she cannot use what she hasnt claimed against tax already paid this year

    So ,,, split them now - and request a balancing statement early in the new year

    Also if she isnt working next year .... you'll get the band increase and the 1650 (or whatever number its reduced to in the budget :) )


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