Unnamed company got 150 million tax return

tara73

http://www.irishtimes.com/business/economy/record-tax-take-likely-to-add-to-public-pay-deal-pressure-1.2925912

quote from the article:

Corporation tax

Corporation taxes advanced 7 per cent in 2016 to €7.35 billion, but they plunged 43 per cent in December to €289 million, compared with the same month last year. Department of Finance principal office John Palmer said the “disappointing” decline last month was largely down to an unnamed company receiving a €150 million tax refund.


I really would like to know the name of this unnamed company with the great tax return...and then the way behind the 150 million tax return.

Raging_Ninja

tara73 wrote: »

http://www.irishtimes.com/business/economy/record-tax-take-likely-to-add-to-public-pay-deal-pressure-1.2925912

quote from the article:

Corporation tax

Corporation taxes advanced 7 per cent in 2016 to €7.35 billion, but they plunged 43 per cent in December to €289 million, compared with the same month last year. Department of Finance principal office John Palmer said the “disappointing” decline last month was largely down to an unnamed company receiving a €150 million tax refund.


I really would like to know the name of this unnamed company with the great tax return...and then the way behind the 150 million tax return.

If they were overtaxed then they were entitled to the money back, just as you or I would be.

Zillah

Raging_Ninja wrote: »

If they were overtaxed then they were entitled to the money back, just as you or I would be.

This is not the histrionic populism that OP was hoping for.

RobertKK

Tax refunds are normal. Not all money earned is via a PAYE type system.

The company did nothing wrong, and if any of us got a tax refund, we would not want to be named, when guilty of nothing.

Seth Brundle

tara73 wrote: »

I really would like to know the name of this unnamed company with the great tax return...and then the way behind the 150 million tax return.

Why? What is it to you?

cinnamony

Raging_Ninja wrote: »

If they were overtaxed then they were entitled to the money back, just as you or I would be.

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

AlmightyCushion

RobertKK wrote: »

Tax refunds are normal. Not all money earned is via a PAYE type system.

The company did nothing wrong, and if any of us got a tax refund, we would not want to be named, when guilty of nothing.

Even in the PAYE system there are tax refunds if you have medical expenses or educational fees to claim back. If you change job, get a pay increase or lose your job you could end up being overtaxed (potentially under taxed too so be careful) and due a refund.

Seth Brundle

cinnamony wrote: »

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

Who said that they were over-taxed?
Why can they not claim it back?

AlmightyCushion

cinnamony wrote: »

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

If they've been over taxed tell them to get in contact with revenue. Revenue will look into it and if they are owed something they'll get it back. I've done it before and I'll be doing it for last year as I know I've been overtaxed for last year.

KERSPLAT!

cinnamony wrote: »

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

Ah come off it! I rang revenue when starting a new job and just as I was about to hang up I was told I was owed a small sum, I got a cheque a week later. Ring revenue, put in a claim if owed a refund, receive refund.

tara73

Zillah wrote: »

This is not the histrionic populism that OP was hoping for.

haha.:)

I wouldn't call it populism, I would call it questioning the system!

And its a genuine interest, I really would like to know what they paid in during the year in relation to what they got back now.

but it's daunting on me I made a mistake, should have posted in the irish economy forum..

Wheeliebin30

Revenue have always returned overpaid tax to me by draft.

Where is the shock in all this?

AlmightyCushion

KERSPLAT! wrote: »

Ah come off it! I rang revenue when starting a new job and just ands I was about to hang up I was told I was owed ands small sum. Ring revenue, put in a claim if owed a refund, receive refund.

If you're set up for PAYE anytime (and really every one should be) it's even easier. Just log on and click a button. If they have your bank account details, they pay it straight into your account. It's a piece of piss.

SEPT 23 1989

Genco Pura Olive Oil Co.

professore

cinnamony wrote: »

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

Find this very hard to believe. I overpayed my tax for years (wrong tax class) and got a substantial refund with very little complaint from Revenue. On the other hand, if you owe them money, there is no softly softly with them, the sheriff is sent out in a week at your expense to seize stuff from your house to pay the tax bill (if you stick your head in the sand and don't come to some arrangement with them, that is)

Sounds to me more like they were audited and asked for tax they hadn't declared.

namloc1980

I got €113 back today for overpayment in 2015! I've requested a P21 balancing statement on my PAYE every year for the last 7 or 8 and every year bar one I got money back from overpayment. One year I got over €2k back! Don't assume the PAYE on your payslip is correct. Of course the downside is you could end up owing them money too.....so beware!

Clarebelly

SEPT 23 1989 wrote: »

Genco Pura Olive Oil Co.

Love their motto......

"Leave the tax. Take the cannoli."

westcoast66

This happens because of the wonder of preliminary tax. You have to estimate your tax for the current year 3 months before the end of the year and then promptly pay it. Then when you do your accounts the next year, if you find out you paid too much, then revenue have to refund you. Its not rocket science. The year this was brought in, the Govt probably had a windfall in tax and thought it was great!

The company probably paid an amount of preliminary tax at the end of 2015, and once they completed their accounts and made their 2015 tax return at the end of 2016 it turned out they had overpaid.

Nothing unusual.

cinnamony

kbannon wrote: »

Who said that they were over-taxed?
Why can they not claim it back?

I'm nit saying they were over taxed I'm saying if they were overtaxed 150 milion that is alarming.

We were told the State cant afford to pay us back

dudara

cinnamony wrote: »

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

Revenue are very good to deal with and refunds are regularly issued. What have your family done to reclaim the amount they believe they were overtaxed by?

Seth Brundle

cinnamony wrote: »

I'm nit saying they were over taxed I'm saying if they were overtaxed 150 milion that is alarming.

We were told the State cant afford to pay us back

erm, you did say it

cinnamony wrote: »

My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000.

Boom_Bap

P21 Balancing Statement is your best friend.

Blazer

Revenue are the one crowd I can't complain about.
My son is austistic and as such I can claim for the incapacitated child credit which is €3300 on my salary. Since I didn't claim till he was 4 as I never knew about it I got back over €13k just by getting the forms filled out and signed by his doctor and simply sending it back to Revenue. Filled out my Form12s online and voila..cash back a few weeks later..It's a fantastic system and its nice to see one part of the Government being the 21st century..
quite simply if you're parents overpaid tax then all they have to do is file a form12 and any overpaid tax will be refunded asap. If they don't then they're talking crap.

KERSPLAT!

cinnamony wrote: »

I'm nit saying they were over taxed I'm saying if they were overtaxed 150 milion that is alarming.

We were told the State cant afford to pay us back

Dig up...

Kristopherus

cinnamony wrote: »

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

Did they apply for a balancing statement? Over what period have they been overtaxed? The furthest they can claim back is 4 yrs.

blackwhite

cinnamony wrote: »

I agree but I would like to point something out.
My parents have been overtaxed 30,000 and a friend of mine's parents have been overtaxed 4000. Neither of our families have seen a cent of that money and in our case you have no idea how much it would help. I would like to know what is happening that families and companies can be overtaxed so much and in some cases (I imagine usually the citizens) don't see any of that back.

We operate a self-assessment system in Ireland. If they've been genuinely overtaxed it's only because either they have failed to file (or correctly file) the necessary return to reclaim the overpayment.

Kimbot

I put thru medical expenses for 2015 on Tuesday on PAYE anytime, got an email this morning telling me to login to see my message. 300 quid been lodged to my bank account. Its a very simple system now.

andekwarhola

tara73 wrote: »

I really would like to know the name of this unnamed company with the great tax return...and then the way behind the 150 million tax return.

I can confirm it was my company, Scuttleworth and Sons Capitalism and Fat Cats Inc. We invented the amount and demanded that it be repayed in full to our bulging coffers or one childrens hospital and two orphanages would be closed forthwith.

AlmightyCushion

cinnamony wrote: »

We were told the State cant afford to pay us back

Either there is something else going on or that is horse shít. If you over paid you tax Revenue will get it back to you pretty sharpish. I claimed a couple of grand back when the economy was in the shítter back in 2010/2011 and there was no hassle over it what so ever.

Blazer wrote: »

Revenue are the one crowd I can't complain about.
My son is austistic and as such I can claim for the incapacitated child credit which is €3300 on my salary. Since I didn't claim till he was 4 as I never knew about it I got back over €13k just by getting the forms filled out and signed by his doctor and simply sending it back to Revenue. Filled out my Form12s online and voila..cash back a few weeks later..It's a fantastic system and its nice to see one part of the Government being the 21st century..
quite simply if you're parents overpaid tax then all they have to do is file a form12 and any overpaid tax will be refunded asap. If they don't then they're talking crap.

Fúcking hell. I'd say it put a smile on your face when you checked the bank balance and seen that had gone through.

cinnamony

kbannon wrote: »

erm, you did say it

I thought you asked how I knew the company was overtaxed not my parents. I know my parents were overtaxed because we received a letter stating it as well as the amount we were over taxed by.

AlmightyCushion wrote: »

Either there is something else going on or that is horse shít. If you over paid you tax Revenue will get it back to you pretty sharpish. I claimed a couple of grand back when the economy was in the shítter back in 2010/2011 and there was no hassle over it what so ever.

It happened to us in 2011 as well and they told us they could not pay us back because the state could not afford it as a result of the crash.

AlmightyCushion

cinnamony wrote: »

It happened to us in 2011 as well and they told us they could not pay us back because the state could not afford it as a result of the crash.

If that is true, and I'll be honest I don't believe it is, I'd be going straight to a solicitor. You should also contact one of the national papers as I'm sure they'd be very interested in running that story.

srsly78

cinnamony wrote: »

It happened to us in 2011 as well and they told us they could not pay us back because the state could not afford it as a result of the crash.

Noone believes you, what a ridiculous story.

KERSPLAT!

cinnamony wrote: »

I thought you asked how I knew the company was overtaxed not my parents. I know my parents were overtaxed because we received a letter stating it as well as the amount we were over taxed by.



It happened to us in 2011 as well and they told us they could not pay us back because the state could not afford it as a result of the crash.

This happened twice...?

Blazer

AlmightyCushion wrote: »

Fúcking hell. I'd say it put a smile on your face when you checked the bank balance and seen that had gone through.

It certainly did...but in fairness I easily spend that credit in a year on tuition, speech therapy and all the aids he requires..it probably evens out for the poor support he gets from the state but I rather they kept it all and invested it in special needs etc. I'd happily trade it all in the morning for him to be a normal child and be able to play with children his own age.

Stheno

cinnamony wrote: »

It happened to us in 2011 as well and they told us they could not pay us back because the state could not afford it as a result of the crash.

What year/s did they pay too much tax and what year did they recieve the letter?

seamus

cinnamony wrote: »

I'm nit saying they were over taxed I'm saying if they were overtaxed 150 milion that is alarming.

We were told the State cant afford to pay us back

I'm sorry, but that's complete bull that you're spouting there.

I claimed a €2k tax refund at the bottom of the recession and I got the cheque in 3 weeks.

Either someone has done a runner with your family's money and is lying to you about it, or you're spinning yarns.

cinnamony

AlmightyCushion wrote: »

If that is true, and I'll be honest I don't believe it is, I'd be going straight to a solicitor. You should also contact one of the national papers as I'm sure they'd be very interested in running that story.

To be honest it was in 2011 so i dont think it matters now. To be honest I think it may be a matter of sometimes you get an incompetent employee. For example I was charged emergency tax when I left my first job I went to the Revenue 3 times before I sorted it out and the person who finally did sort it out had it done pretty quickly and tbh I got that money back quickly too. There's incompetent people everywhere and just because you had a good experience somewhere doesn't mean it will always be good or it will be so for everyone else.

cinnamony

Stheno wrote: »

What year/s did they pay too much tax and what year did they recieve the letter?

We got it in October 2011 I think and they overpaid tax for a few years. But because my parents never even finished secondary school and know nothing about this they hadn't know until we got the letter

Stheno

cinnamony wrote: »

We got it in October 2011 I think and they overpaid tax for a few years. But because my parents never even finished secondary school and know nothing about this they hadn't know until we got the letter

If you overpay tax and dont claim it back within either four or five years you cant then claim it back, there is a time limit on claiming refunds

Edit i checked. Its four years

beggars_bush

Probably an export rebate or something

AlmightyCushion

cinnamony wrote: »

To be honest it was in 2011 so i dont think it matters now. To be honest I think it may be a matter of sometimes you get an incompetent employee. For example I was charged emergency tax when I left my first job I went to the Revenue 3 times before I sorted it out and the person who finally did sort it out had it done pretty quickly and tbh I got that money back quickly too. There's incompetent people everywhere and just because you had a good experience somewhere doesn't mean it will always be good or it will be so for everyone else.

I've no doubt there are some feckless eejits working in revenue, same as everywhere but there is no way in hell they would refuse to pay you back the €30,000 you overpaid because the state has no money especially when they sent you a letter stating it. What did the letter say. "We owe you 30,000 but the country's broke as a joke so tough shít."

Why would they even send you a letter if there was no intention of Revenue paying it back?

Stheno

AlmightyCushion wrote: »

I've no doubt there are some feckless eejits working in revenue, same as everywhere but there is no way in hell they would refuse to pay you back the €30,000 you overpaid because the state has no money especially when they sent you a letter stating it. What did the letter say. "We owe you 30,000 but the country's broke as a joke so tough shít."

Why would they even send you a letter if there was no intention of Revenue paying it back?

See my post above?

AlmightyCushion

Stheno wrote: »

See my post above?

Yeah I know but according to him it was because the country was too broke to afford it as opposed to them not claiming it back in time.

cinnamony

Stheno wrote: »

If you overpay tax and dont claim it back within either four or five years you cant then claim it back, there is a time limit on claiming refunds

Edit i checked. Its four years

Thanks for checking, like I said my parents aren't educated on the matter and as such don't check these things.

AlmightyCushion wrote: »

I've no doubt there are some feckless eejits working in revenue, same as everywhere but there is no way in hell they would refuse to pay you back the €30,000 you overpaid because the state has no money especially when they sent you a letter stating it. What did the letter say. "We owe you 30,000 but the country's broke as a joke so tough shít."

Why would they even send you a letter if there was no intention of Revenue paying it back?

The letter stated how much they were owed (30k) and I only remember then we went to talk to someone about it and we were told they couldn't give anything back to us (since the tax was overpaid over a number of years i would imagine we were not entitled to some of it due to not having claimed it before the 4 years had passed as Stheno stated) I dont remember the letter saying that they couldn't afford to pay us back. The person we spoke too said that.

hullaballoo

It would not be unusual for revenue to have to make large repayments on a frequent basis to some large companies whose business processes mean they are only in profit one in every 2-3 financial years but will have had to pay preliminary tax on the ridiculous assumption that every business grows year-on-year by 10%.

Normally, I would think that revenue account for the companies that have such cyclical income streams and allow for it. I'd say this year, they were relying on a large company's profits that failed to materialise for whatever reason, such as reinvestment of the profits in upgrades for the business or just a very bad year.