How to give my wife my tax credits?

Dan82

Im unemployed at the moment but my wife is working, i hear loads of people saying i should give her my tax credits, but how do i do this and does it make much of a difference to us ?

Not up on these things so any help or advice would be great, thanks a million

relax carry on

Dan82 wrote: »

Im unemployed at the moment but my wife is working, i hear loads of people saying i should give her my tax credits, but how do i do this and does it make much of a difference to us ?

Not up on these things so any help or advice would be great, thanks a million

You can only transfer a portion of your tax credits and rate band to your spouse if you are jointly assessed for tax purposes.
The link below explains about the impact of marriage or civil partnership on your tax situation.

Without knowing more of your situation, I could not speculate if it will be more beneficial to you or not. But it normally is either beneficial or has no impact at all. Remember everyones tax situation is unique to them, so what's true for some might not necessarily be true for you.

Best to speak to Revenue on these matters. Have all your details to hand, like your spouses last payslip, how much you ate getting on the dole etc.

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

Mongarra

At this late stage in the tax year you might as well wait until your wife receives her form P60 from her employer (usually in January) and then send it in to the tax office asking for a review of 2012. Assuming your are jointly assessed (you are automatically unless you asked for single or separate treatment) the tax credits for you both will be set against her income and she will be due a repayment.

In the meantime you should ask the tax office to grant her the full married credit for 2013. The only problem would be if you start work again you will have only the PAYE credit unless you withdraw your half of the married credit from her during the tax year and she will have to suffer an additional deduction in her following pay period or have an adjustment made after the end of the 2013 tax year. (Called Week 1 basis but too complicated to go into here).

T954

as above it depends on how you and your spouse are bieng taxed at the moment. If you are jointly assesed you can just call revenue and ask them to give your wife all of your credits. Off hand I think its worth around 4,000/4400 per year. You can take it every week or just do a return (form 12) for the year and you will recieve a cheque from revenue for any overpaid tax. I think form 12 for the previous year is available from around feb ie feb 2013 for the tax year 2012.