Tax Calculation Thread

relax carry on

https://www.boards.ie/discussion/comment/120724026#Comment_120724026

Have you received a new tax credit certificate stating your tax credits are reduced by 23 euro? If so then you'll pay 23 euro more PAYE this year. If it's only recently happened then about half that amount was probably collected in one go.

Faith

Possiby not the right thread for this query but I'll chance it anyway. I just logged onto revenue to upload some receipts, and I noticed that all of the receipts I uploaded in January for my 2022 tax return are listed as "Not Claimed". I did enter the details when I did my tax return, so I'm not sure what's going on. I recall thinking the sum I got back was far lower than I expected and I did request a recheck, which didn't change anything. There seems to be no option to 'submit' these receipts to claim them. Is this normal or have I done something wrong? Is there a way to 'claim' those expenses that I missed?

nhg

The Receipt Tracker is just basically somewhere to store your receipts so that you don’t have to retain them for 6 years, the amounts on these receipts must be included in your income tax return to claim relief.

Princess Calla

Prsi and USC on rental income.

From what I've read you pay this on rental profit.... however I've totally confused myself.*

Say your rental income was 2k per month so 24k per year.

Do you pay prsi at 4% on the 24k and USC broken down into tiers for the 24k

Or

Do you do you pay on your figure after allowable expenses etc are deducted ie basically the figure you're paying your income tax on....so maybe paying prsi and USC on 18k

namenotavailablE

Do you do you pay on your figure after allowable expenses etc are deducted

Yes, you pay tax/PRSI/USC on that value- basically on the rental profit.

Princess Calla

https://www.boards.ie/discussion/comment/121311979#Comment_121311979

Thanks I got myself muddled as income tax prsi and USC is paid on full figure.

banie01

Hi Folks,

Its quite a while since I've dealt with CGT and never on the sale of a house. Can I ask the following please?

1: As Sale closed on 18/11, I need to have my CGT paid before 15/12/23?

2: Property sold was my wife's former PPR. I can offset the time as PPR against the Taxable Gain?

3: Can Home renovation and other work undertaken while she lived there be used to offset chargeable gain?

4: Can I capitalise the costs of new boiler and white goods that were being depreciated while we were renting out? Can I total up the remaining deprecation and offset against the chargeable gain?

5: As we previously rented out the property we submit Form 11, am I correct in thinking that current CGT liability will need to be declared there via amendment to Form 11 and pay up.

I just want to be certain that any offests she/we may be entitled to are maxed out and that no more than is required in CGT is paid.

Thanks for any pointers on this.

SureYWouldntYa

https://www.boards.ie/discussion/comment/121401065#Comment_121401065

1. Yes, correct date. Return before 31/10/24 (or rather the extended ROS deadline since you'll filing a Form 11 and not a CG1)
2. Was the house jointly owned? If so her time as PPR can reduce her share of the liability, but not yours.
3. Yes they are generally enhancement costs and would be allowed, although if the house was rented and you claimed tax expenses or capital allowances on them it should not also be claimed as a CGT deduction
4. See above
5. Yes the details goes on the Form 11

banie01

https://www.boards.ie/discussion/comment/121401144#Comment_121401144

Really appreciate your post, only after I posted did I see a thread with a very similar question that you'd already responded, so a double thanks is well in order.

Lefty2Guns

Hi All,

Quick question on PAYE. Moved jobs in July, went from Monthly pay days to weekly with my last of the year payments being a double week.

My PAYE contributions for the double week was 3 times what I'd usually pay for a single week.

Can someone tell me why that was? I was expecting my PAYE contribution to be double as it was a double week.

I paid an extra €400+ on PAYE because of it.

Any advice would be greatly appreciated.

SureYWouldntYa

The tax charge is 20% of the gross wages, less the weekly tax credits leaving the actual tax payable. Eg, gross wages of €600 would be a €120 charge, less weekly credits of €80 leaves tax payable of €40. If your wages were doubled to €1,200 then the charge is €240, less weekly credits of €80 leaves tax payable of €160. You’ll need to submit your 2023 return to get back any tax you have overpaid since the year is over

celtic_oz

If I pay tax/PRSI/USC on rental income and its my only income .. do I get social security stamps with regards to state pension ?

downtheroad

https://www.boards.ie/discussion/comment/122010382#Comment_122010382

You should pay Class S PRSI on rental income (as your only source of income) and Class S counts towards the Contributory state pension.