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Need help with an accountancy question

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  • 28-05-2013 10:43pm
    #1
    looperman1000
    Registered Users Posts: 544 ✭✭✭


    I have the employee's PPSN number and I don't have a P45. They haven't worked in a previous job before.
    I am trying to find out what the tax credit is for the year and SRCOP?
    They are paid at €10.25 p.h. and work 39 hours a week

    Can anyone please please help me?


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    #2
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    looperman1000 wrote: »
    I have the employee's PPSN number and I don't have a P45. They haven't worked in a previous job before.
    I am trying to find out what the tax credit is for the year and SRCOP?
    They are paid at €10.25 p.h. and work 39 hours a week

    Can anyone please please help me?

    They should complete a Form 12A and send it to the Tax office.


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    #3
    looperman1000
    Registered Users Posts: 544 ✭✭✭looperman1000


    I appreciate that thanks, but I am actually doing an assignment for college, Lecturer gave me a sample project but forgot to give me the actual answers! So I am lost on how to actual get the SRCOP and Tax Credits annual.


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    #4
    djk1000
    Closed Accounts Posts: 899 ✭✭✭djk1000


    http://www.revenue.ie/en/personal/faqs/how-do-i-work-out-my-tax.html


    If you're going to be doing more questions like this, you should get familiar with the Revenue site. If you don't have a certificate of tax credits, the employee will be on emergency tax, you'll need to look that up too.


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    #5
    Alan Shore
    Registered Users Posts: 735 ✭✭✭Alan Shore


    looperman1000 wrote: »
    I appreciate that thanks, but I am actually doing an assignment for college, Lecturer gave me a sample project but forgot to give me the actual answers! So I am lost on how to actual get the SRCOP and Tax Credits annual.

    Ok so the employee submits a form 12A to the tax office and then the tax office issue them with a cert of tax credit and standard rate cut off, a copy is also sent to the employer.

    Depending on the circumstances of the employee they will qualify for different credits and standard rate cut off. If we assume that your employee is single then the get €1,650 Personal Cr, €1,650 PAYE Cr and a standard rate cut off of 32,800.


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    #6
    looperman1000
    Registered Users Posts: 544 ✭✭✭looperman1000


    Thanks so much , really appreciate that.
    I think its coming back to me know.
    Cheers Alan.


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    #7
    thomlin
    Closed Accounts Posts: 66 ✭✭thomlin


    Just to add to the 12A form while you're waiting for them to get their tax credits sorted out you have to put them on emergency tax which is reduced tax credits for the first 4 weeks then they are on a zero tax credits until revenue has assigned them the correct tax credits.

    Look on the revenues website for the emergency tax credit rates.


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