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Single or Married Tax free allowance?

  • 17-08-2013 9:14am
    #1
    Redgirl82
    Closed Accounts Posts: 1,252 ✭✭✭


    Hey

    Just looking for some advice, both myself and partner are working. I earn around 40k a year and he is on 50k plus bonus. We are due a child soon and was looking at the revenue website. It is very poor for actual details.

    At the moment we have out tax allowance just set up as before we got married. Never changed and never looked into it. Just thinking now as kid on the way are we better moving to Married tax rate?

    From what I can see we are paying 20% tax rate for the first 32,800 each based on single.....this is total of €65,600 at 20%

    If we change to married we get a total between us of €41,800 at 20%? or what does it mean by saying an increase of €23,800 max? Does this mean we get up to the €65,600 between us but just one of us will be hit with more tax?

    Also is there any benefit to changing to married versus single? anything other tax breaks?

    Just trying to understand, website is sh*t...was going to go to tax consultant guy but can't find any good ones.....


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


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

    Read section about joint assessment. There is no magical benefit, it just spreads out your credits and bands between two people. Would be worth it if one partner was not working, but makes no difference if both work.

    You can choose how the credits are allocated, you can split them equally or otherwise. You still end up paying the same tax anyway.


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