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Tax Credits Advice...

  • 25-02-2013 9:35pm
    #1
    defiant12
    Registered Users, Registered Users 2 Posts: 64 ✭✭


    Hi Folks,

    I have just started a new job after 4 months out of work and received my tax credits. My first wage was less than I was expecting; 28k salary, €538 pw gross, €404 pw net.

    My situation is a bit complicated as my wife and I have been separated since last April. She is not working, lives with our 3 year old and is in receipt of one parent family payment.
    As she is long term unemployed I had been claiming her credits which worked well for me in 2012.
    As she is now in receipt of this payment it is deducted from my bands for 2013.
    2012/2013 credits attached.

    My question is would I be better off being assessed as a single individual? As we are separated I believe I can do this...

    I appreciate any advice, I find this stuff had to get my head around:confused:


Comments

  • #2
    Fermatslast
    Registered Users, Registered Users 2 Posts: 17 ✭Fermatslast


    Hi

    If you elect to be assessed as a single person, you will lose the married persons personal allowance of €1,650 and the home carer credit of €810.

    If you also maintain your 3 year old daughter for part of the year then you may also be entitled to a one parent family credit of €1,650.

    Then as a single assessed person you will not have your credits reduced by the amount of your ex's income adding €1,407 to your credits.

    So, according to the above you would be better off by €597 (-€1,650-€810+€1,650+€1,407).

    If you do not qualify for the one parent family credit you will be worse off by €1,053


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