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Joint assessment

  • 17-09-2015 9:31am
    #1
    ms vieria
    Registered Users, Registered Users 2 Posts: 53 ✭✭


    Hi sorry for my ignorance on this but I have read up and I am still at a loss.

    We were married in 2014, we are only now signing up to joint assessment.

    My wife was earning roughly 38k up until a 2 months ago. I will earn approx 48k this year. She is now doing a traineeship that only pays minimum wage and this will be the situation for a couple of years.

    What would be the best split for us to assign our Tax Credits/Standard Rate Band.

    I'm sorry if all this is obvious but I want to be sure we are correct as obviously money is now tighter.


Comments

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


    ms vieria wrote: »
    Hi sorry for my ignorance on this but I have read up and I am still at a loss.

    We were married in 2014, we are only now signing up to joint assessment.

    My wife was earning roughly 38k up until a 2 months ago. I will earn approx 48k this year. She is now doing a traineeship that only pays minimum wage and this will be the situation for a couple of years.

    What would be the best split for us to assign our Tax Credits/Standard Rate Band.

    I'm sorry if all this is obvious but I want to be sure we are correct as obviously money is now tighter.

    Assuming €8.65 an hour over 39 hours = 337.35 per week income.

    17542.20 per year. So, you won't require all of your SRCOP.

    The best split is for you to allocate the max transferable amount to your spouse, currently 9000.

    You will still need all of your tax credits, so there is no benefit to transferring any of these


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