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Tax Credits

  • 09-09-2014 9:26am
    #1
    Mutant
    Registered Users, Registered Users 2 Posts: 182 ✭✭


    Now I dont understand the tax system but recently i set up my account on paye anytime. a couple of years ago I paid 3500 for braces because I was waiting for years on the medical card system. I entered this into the paye anytime and it has went into my tax credits for that year.

    What I want to know is do I get an actual refund to my bank account or what actually happens with the 3500.

    Any information appreciated.

    Thanking You
    Tagged:


Comments

  • #2
    namenotavailablE
    Registered Users, Registered Users 2 Posts: 59,705 ✭✭✭✭namenotavailablE


    Assuming that you paid enough tax in that year and that you provided your bank account details to the PAYE Online system, you should receive 20% of the €3500 [€700] back directly to your bank account. processing times are usually pretty quick using the online system.
    They will send a cheque if you didn't provide bank account details. Also, it might be possible that the repayment is subject to clearance [I don't know what the threshold is for making refunds- I typically get back under €250-300 without issue].

    Free Excel net pay calculator- https://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm



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