Claiming back a lump sum

Poor_old_gill

Does anyone know what the appropriate tax credit is for claiming back a lump sum payment from your employer?

gerrybbadd

Poor_old_gill wrote: »

Does anyone know what the appropriate tax credit is for claiming back a lump sum payment from your employer?

There is no tax credit for a lump sum

Poor_old_gill

gerrybbadd wrote: »

There is no tax credit for a lump sum

There is- go to revenue website

thesimpsons

It all depends on why the lump sum was paid ( termination lump sum, back pay due, in lieu of notice, etc)

http://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/lump-sum-payments/index.aspx

gerrybbadd

Poor_old_gill wrote: »

There is- go to revenue website

I work for revenue. There's no tax credit. Tax reliefs maybe, no credit

Poor_old_gill

gerrybbadd wrote: »

I work for revenue. There's no tax credit. Tax reliefs maybe, no credit

Cheers for the pointless semantics- have a good one.

Poor_old_gill

thesimpsons wrote: »

It all depends on why the lump sum was paid ( termination lump sum, back pay due, in lieu of notice, etc)

http://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/lump-sum-payments/index.aspx

yeah I had a look through it and the lump sum was paid for a change of work practices- which would qualify.

I'll send an enquiry into revenue about it- was just wondering if anyone knew off the top of their heads as I'll prob be over an hour on hold while the staff are (sic) busy

gerrybbadd

Poor_old_gill wrote: »

Cheers for the pointless semantics- have a good one.

There's a big difference between the 2. Go and educate yourself and don't be so insulting to people that are trying to help you

Poor_old_gill

gerrybbadd wrote: »

There's a big difference between the 2. Go and educate yourself and don't be so insulting to people that are trying to help you

I'm already quite educated- cheers though.

Can I claim back the tuition fees?

relax carry on

Poor_old_gill wrote: »

yeah I had a look through it and the lump sum was paid for a change of work practices- which would qualify.

I'll send an enquiry into revenue about it- was just wondering if anyone knew off the top of their heads as I'll prob be over an hour on hold while the staff are (sic) busy

The tax relief you are looking for is probably under section 480 of the TCA. There is no tax credit which is not comparable. Reliefs such as this are quite out of the everyday so it's not something you'd know off the top of your head or even over a phone call.

https://www.charteredaccountants.ie/taxsource/1997/en/act/pub/0039/nfg/sec0480-nfg.html

To reiterate tax is not simple and using an incorrect term can get you an incorrect answer.

Poor_old_gill

relax carry on wrote: »

The tax relief you are looking for is probably under section 480 of the TCA. There is no tax credit which is not comparable. Reliefs such as this are quite out of the everyday so it's not something you'd know off the top of your head or even over a phone call.

https://www.charteredaccountants.ie/taxsource/1997/en/act/pub/0039/nfg/sec0480-nfg.html

To reiterate tax is not simple and using an incorrect term can get you an incorrect answer.

I understand that the use of an incorrect term can cause confusion but if you are looking for a shop and ask is there one down the street to the right- the person will usually answer "no, but there is one if you go left" and not just "no".

Rackstar

Poor_old_gill wrote: »

I understand that the use of an incorrect term can cause confusion but if you are looking for a shop and ask is there one down the street to the right- the person will usually answer "no, but there is one if you go left" and not just "no".

Its also very possible that the person would decide they didn't like your manner and send you off in the wrong direction

Poor_old_gill

Rackstar wrote: »

Its also very possible that the person would decide they didn't like your manner and send you off in the wrong direction

Please see chronology of conversation.