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single parent family credit v married persons tax credit

  • 11-02-2013 12:45am
    #1
    FOXFISH1
    Registered Users, Registered Users 2 Posts: 193 ✭✭


    Myself and my partner became separated several months back.
    I was the sole earner in the household and claimed the married persons tax credit. I'm a PAYE worker in the private sector.
    I still pay the mortgage in full and also pay maintenance. My ex-partner stays at home and looks after the dependant children and i have moved out of the home.
    I have the children stay with me a couple of nights a week, which i believe ticks one of the boxes for the single parent family credit.

    I understand that i can either stay with the married persons tax credit or move to the single parent family credit.
    Obviously i would like to choose the option which would result in me having to pay less tax...
    I've been reading some information online about this topic but still remain confused as to how i would calculate which is the more tax efficient option for me. I dont want to shoot myself in the foot either and end up paying more tax.
    Does anyone here have any experience of this?


Comments

  • #2
    howardmarks
    Registered Users, Registered Users 2 Posts: 641 ✭✭✭howardmarks


    Bit late in the day for this but here goes:
    Difference between op and married is in the rate bands. Ie the amount at which you pay tax at 20% an the higher rate

    You don't get to choose except in one circumstance and that is your ex spouse doesn't work and is soley maintained by u. In this instance you can carry on using the married credits if u both are in agreement.

    Now if you have kids and maintenance for the kids is set out by the courts then your entitled to claim a credit for the amount payable for the kids

    More info can be found at revenue ie or consult an accountant. It's late and it's a pain typing on phone but what I outlined is the general idea


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