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Tax claim

  • 08-03-2013 7:42pm
    #1
    me4many
    Registered Users, Registered Users 2 Posts: 284 ✭✭


    Any ideas on this one folks:

    Left work last Autumn on an early retirement deal. Was earning €55K at that time. He got a gross € 99500 and net € 86000. Company pension is about €12k p/a.

    Can he claim any of the €13500 tax back and if so how to go about it. Is it something an accountant should do .

    Thanks.


Comments

  • #2
    Howjoe1
    Closed Accounts Posts: 2,666 ✭✭✭Howjoe1


    me4many wrote: »
    Any ideas on this one folks:

    Left work last Autumn on an early retirement deal. Was earning €55K at that time. He got a gross € 99500 and net € 86000. Company pension is about €12k p/a.

    Can he claim any of the €13500 tax back and if so how to go about it. Is it something an accountant should do .

    Thanks.

    married, single, widowed?

    could give you a guesstimate based on above info (would help working out tax credits)


  • #3
    me4many
    Registered Users, Registered Users 2 Posts: 284 ✭✭me4many


    Married. Age about 60. Wife a bit older..I think. Only other income for now is job seekers benefit .


  • #4
    Howjoe1
    Closed Accounts Posts: 2,666 ✭✭✭Howjoe1


    at a guess, I'd say his tax is possible right. It all that income was taxable he would owe:

    Gross Pay 99,500

    Taxable as follows Rate Tax
    41,800 20% 8778
    57,700 41% 12117
    Tax Payable 20895
    Less Tax Credits
    Personal -3300
    Paye -1650
    -4950

    Tax Due 15945


    and that would suggest an underpayment, BUT:

    Statutory Redundancy and Pension Contributions are excluded from taxable pay !
    So if they are relevant, his tax bill would be lower than above figure.

    Basically, its impossible to tell without full info.

    I would guess that his tax paid is probably correct.

    He could get an accountant to look at it or just request a review (for free) from Revenue. Obviously, if Revenue review and did discover an underpayment they would want the extra tax!

    ps if he is currently getting a private pension, he needs to make sure his Job Seekers Benefit (which is taxable) is declared to avoid a tax liability for 2013.


    Summary: Much more info needed for definitive answer. No need to pay any excessive amount for a tax advisor..agree a small fee if going down that route.


  • #5
    me4many
    Registered Users, Registered Users 2 Posts: 284 ✭✭me4many


    Thanks for your help.. I will pass it on. If I get further info I will be back.


  • #6
    allthedoyles
    Registered Users, Registered Users 2 Posts: 6,893 ✭✭✭allthedoyles


    If he paid tax on his redundancy , he may be due refund , by claiming top slicing relief .

    From www.revenue.ie
    Top Slicing Relief relates to the tax payable and ensures that your lump sum is not taxed at a rate higher than your average rate of tax for the three years* prior to redundancy or retirement.


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