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Tax refund after redundancy

  • 12-10-2016 8:41am
    #1
    bitethebullet
    Registered Users, Registered Users 2 Posts: 175 ✭✭


    Hi Folks, I took voluntary redundancy mid year.(got taxed to the hilt on it)
    I submitted a P50 recently and got a refund but I don't know if it was a usc/paye refund. It states on the form if i am still unemployed in 8 weeks time i should submit their attached form for another refund.
    I was told by an aquantance if i didn't take up work before the end of the year I would be be due back a large refund whereas if i took up employment before the end of the year this refund would be forfeited.???
    Haven't much of a clue regarding this stuff....Can any of you good folks shed some light on it for me? :)


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    bitethebullet wrote: »
    Hi Folks, I took voluntary redundancy mid year.(got taxed to the hilt on it)
    I submitted a P50 recently and got a refund but I don't know if it was a usc/paye refund. It states on the form if i am still unemployed in 8 weeks time i should submit their attached form for another refund.
    I was told by an aquantance if i didn't take up work before the end of the year I would be be due back a large refund whereas if i took up employment before the end of the year this refund would be forfeited.???
    Haven't much of a clue regarding this stuff....Can any of you good folks shed some light on it for me? :)

    Tax is on income for a year. You get tax credits and cut off points on a cumulative basis. If you get a new job you will get paid and taxed and use up credits that you would otherwise get as a refund.


  • #3
    bitethebullet
    Registered Users, Registered Users 2 Posts: 175 ✭✭bitethebullet


    So I wouldn't be missing out on a big refund if i took another job now would I?


  • #4
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    bitethebullet wrote: »
    So I wouldn't be missing out on a big refund if i took another job now would I?

    Well you would get the 'refund' in lower taxes in this job. Sure you could not work and get a 2k refund at the end of the year or work from now til end of the year and get 6k and pay 1k tax instead of 3k.

    Do you get what I mean.


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