Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Tax refund after redundancy

  • 12-10-2016 8:41am
    #1
    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

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


    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.


  • 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?


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


    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.


Advertisement