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Tax refund

  • 18-04-2014 8:43pm
    #1
    rmflsdl
    Registered Users, Registered Users 2 Posts: 24 ✭


    Hi,

    I am going to submit P45 to Revenue shortly for tax refund as I am unemployed at the moment.

    However, I am planning to get a job again sometime this year. Would it be a problem if I claim a tax refund now and ring Revenue when I get a new job to get my tax credits sorted out?

    Should I hold on P45 if I have a plan to resume an employment this year?

    I would appreciate for any advice on the above.
    Tagged:


Comments

  • #2
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    rmflsdl wrote: »
    Hi,

    I am going to submit P45 to Revenue shortly for tax refund as I am unemployed at the moment.

    However, I am planning to get a job again sometime this year. Would it be a problem if I claim a tax refund now and ring Revenue when I get a new job to get my tax credits sorted out?

    Should I hold on P45 if I have a plan to resume an employment this year?

    I would appreciate for any advice on the above.

    No, you should claim a refund now if you're due one - you need a form P50 for this (available here http://www.revenue.ie/en/personal/popular-forms.html), I think you can submit one every 8/9 weeks while unemployed.

    All you are doing when you file one of these, is getting the use of the tax credits that accumulate over the year. Once you get another job and continue working you'll still have the remainder of the year's tax credits to use against that income.

    It's swings and roundabouts, as it'll all balance out over the whole year, but from a cash flow point of view you'd be better off to claim the refund on P50(s).


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