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Does your emergency tax ever expire?

  • 09-07-2016 4:38pm
    #1
    dougee19
    Registered Users, Registered Users 2 Posts: 1,361 ✭✭✭


    Subject line says it all really.

    I want to stay on emergency tax as a way of saving, as I'd just spend it if I got the money. So is it possible to stay on emergency tax for years and then claim it all back?


    I also just realised I never actually claimed my emergency tax back from my last job in Ireland which was maybe 2 years ago


Comments

  • #2
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    4 years is the limit for getting a refund on tax.

    Its easy enough to claim refund yourself, but specialist companies can maximise the refund by checking all your tax payments and allowances.

    Www.irishtaxrebates.ie are the guys I used.

    Get the refund and put it into a 90 days notice account.


  • #3
    Kristopherus
    Registered Users, Registered Users 2 Posts: 11,907 ✭✭✭✭Kristopherus


    dougee19 wrote: »
    Subject line says it all really.

    I want to stay on emergency tax as a way of saving, as I'd just spend it if I got the money. So is it possible to stay on emergency tax for years and then claim it all back?


    I also just realised I never actually claimed my emergency tax back from my last job in Ireland which was maybe 2 years ago

    You should contact your local tax office for a Tax Credits cert. You will have to give them your employer's tax no. and they will sort you out.

    When you get a chance you should ask the tax office for Form P21 for the last 2 years that you worked here. They will show if you have a refund due.


  • #4
    L1011
    Registered Users, Registered Users 2 Posts: 72,145 ✭✭✭✭L1011


    Its a pretty aggressive (particularly if you're on the lower rate normally) and zero interest method of saving; and one which a lot of HR departments and accounts departments in employers are not going to want to facilitate.

    A DD to a savings account that hits the day you get paid is generally a lot safer than assuming you won't go mad with a lump sum - the people I know who consider their Australian refunds to be "savings" generally haven't a bean left after they've gone out to 'celebrate' getting it.


  • #5
    Valentina
    Registered Users, Registered Users 2 Posts: 4,281 ✭✭✭Valentina


    I don't think it's a good idea to do this. If the company you work for goes bust or doesn't return a P45/P35 or issue a P60 to you, you could have a problem proving you're due anything back. I have seen this happen and it can take months to resolve, if ever. Your payroll could also call the tax office and have you put on normal basis refunding your emergency tax anyway.

    Don't bother with rebate companies. They take a percentage to do something you could sort yourself in under an hour and some have a minimum charge regardless of the amount refunded.

    You have 4 years to claim back any tax or USC due. For the previous years just go online and request a P21 for each year or call the 1890 number. Check you're getting all the credits you're due.

    As someone posted above, just set up a savings DD to hit your account on the day you get paid.


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