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Underpayment of tax

  • 23-06-2016 9:14am
    #1
    timmy880
    Registered Users, Registered Users 2 Posts: 306 ✭✭


    Hi,

    I had some outstanding 12A forms that I finally submitted yesterday for the last 3 years. 2 of the years came back fine but in 2014 they calculate an underpayment of taxation of over 2k. I switched jobs in that time and I don't know if that impacts calculations. Is it possible to clear up this issue or should I just accept that they will take over 700 off my tax credits for the next 3 years.

    Thanks very much in advance!


Comments

  • #2
    Squatter
    Closed Accounts Posts: 1,841 ✭✭✭Squatter


    timmy880 wrote: »
    Hi,

    I had some outstanding 12A forms that I finally submitted yesterday for the last 3 years. 2 of the years came back fine but in 2014 they calculate an underpayment of taxation of over 2k. I switched jobs in that time and I don't know if that impacts calculations. Is it possible to clear up this issue or should I just accept that they will take over 700 off my tax credits for the next 3 years.

    Thanks very much in advance!

    On the assumption that you received balancing statements (P21s) for each of the 3 years concerned, why not simply go through the figures and see whether everything is right? It's NOT rocket science! Look at your tax credits for the 2 years that are fine and ensure that you've received the same tax credits for the year for whch you owe PAYE. Then check the pay figures from both employments and ensure that they're both correct.

    Are you in a position to claim any more tax credits, for example for medical expenses? If so, then be sure to let Revenue know. Remember, they only know what they are told about your situation: either by you the taxpayer or by your employer(s) - they're not psychic!

    Take ownership of you own tax affairs! Go through the two years and work out how the PAYE was calculated then try the same thing for the third year and see if your calculations match Revenue's.

    One other thing, if you changed jobs during the third tax year, it may well be that you underpaid USC - so check to see if that's where the underpayment arose. Here again, calculate how much USC you should have paid on your combined salaries from both jobs that year, then see if your figures are in line with Revenue's.

    Good luck!


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