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Joint Assessment v Single Assessment

  • 18-05-2015 1:26pm
    #1
    Shannonsider
    Registered Users, Registered Users 2 Posts: 301 ✭✭


    Got married 2 years ago, both PAYE earners, roughly the same income, small amount of rental income shared.

    Our accountant advised that we should opt for joint assessment as Revenue would apply whichever treatment works out best for us each year.

    My understanding had always been that joint assessment was only beneficial where one was earning or earning significantly more that the other spouse.

    If we are to go ahead with Joint Assessment, is this something Revenue review on our behalf each year to see which tax treatment is most beneficial?

    On the 'assessable spouse election form', does it matter who the assessable spouse is? And is there an optimal way to split tax credits & standard rate band?


Comments

  • #2
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    Shannonsider wrote: »
    Got married 2 years ago, both PAYE earners, roughly the same income, small amount of rental income shared.

    Our accountant advised that we should opt for joint assessment as Revenue would apply whichever treatment works out best for us each year.

    My understanding had always been that joint assessment was only beneficial where one was earning or earning significantly more that the other spouse.

    If we are to go ahead with Joint Assessment, is this something Revenue review on our behalf each year to see which tax treatment is most beneficial?

    On the 'assessable spouse election form', does it matter who the assessable spouse is? And is there an optimal way to split tax credits & standard rate band?

    The basis of assessment (BOA) isn't examined and reviewed every year by Revenue. Usually, once an election is made, it stays that way. Revenue will only change the BOA where instructed by the taxpayer - this needs to be done before 31st March in the year in question, and can't be done retrospectively.

    If ye both earn the same amount, then there is no better way to split the credits than to leave them as they are. Assessable Spouse is usually the higher earner, so this is a choice ye would have to decide between ye. (if going for the Joint)


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