Stupid tax credits question

Dial Hard

Apologies if this is the most stupid question ever! I got made redundant in March (there less than two years, so no payment, in case that's relevant) and it took waaaaaaay longer than I expected to get a job. I finally started a new job last week but because it's so late in the year, Revenue put me on a Week 1 basis instead of cumulative.

So, I'm just wondering what happens to all my unused tax credits now? Will they carry over into next year or do they just expire? I did ask the woman I spoke to in Revenue but she was very vague.

Thanks a million.

CIARAN_BOYLE

Dial Hard wrote: »

Apologies if this is the most stupid question ever! I got made redundant in March (there less than two years, so no payment, in case that's relevant) and it took waaaaaaay longer than I expected to get a job. I finally started a new job last week but because it's so late in the year, Revenue put me on a Week 1 basis instead of cumulative.

So, I'm just wondering what happens to all my unused tax credits now? Will they carry over into next year or do they just expire? I did ask the woman I spoke to in Revenue but she was very vague.

Thanks a million.

You can apply for a p21 balancing statement in the new year where you get a refund of anything owed to you.

If your tax credits are more than your tax they expire.

Kunala

As far as I am aware, tax credits won't carried forward on year basis. To my knowledge, your tax credits are calculated and adjusted for the whole year based on earnings once you request tax balance.

Dial Hard

Thanks for the replies. That's a bit disappointing, I was thinking I wouldn't have to pay tax for months and months and months!

Gaillimh1976

If you apply for your P21 you should get back most of the tax you paid in Jan/Feb/March in the old job

Your tax credits for April to Nov can be used against that

Dial Hard

Gaillimh1976 wrote: »

If you apply for your P21 you should get back most of the tax you paid in Jan/Feb/March in the old job

Your tax credits for April to Nov can be used against that

Ah ok, I didn't know that. Well that mitigates my disappointment somewhat!

exaisle

I'd suggest you sign up to My Account on the Revenue website.

That will allow you to get a Balancing Statement (and a refund) as early as possible.
Go to www.revenue.ie and click on the MyAccount link in the top right corner...then click the link on the right side of the following page marked "Register Now" then do what it says on the tin.

Next year, when you get your P60, you'll need to request a P21 (balancing statement). Be sure to include your bank details as the refunds come out fairly quickly.

hogandrew

Something similar of a topic and didn't want creating a thread. I started a new job in October, my final payment from previous job only came today. When I added my new employer on revenue they assigned them no tax credits so I was taxed at the highest tax rate for last month.

I think it is too late to get a tax credit cert issued before the end of year so would my employer be able to use my old tax clearance certificate now? Once I send them the P45 or will I get taxed the same this month? I know I can claim it back if I do

Ninthlife

hogandrew wrote: »

Something similar of a topic and didn't want creating a thread. I started a new job in October, my final payment from previous job only came today. When I added my new employer on revenue they assigned them no tax credits so I was taxed at the highest tax rate for last month.

I think it is too late to get a tax credit cert issued before the end of year so would my employer be able to use my old tax clearance certificate now? Once I send them the P45 or will I get taxed the same this month? I know I can claim it back if I do

Check with your payroll if they would accept verbal confirmation of your credits and rate band. If so ring Revenue allocate credits and rate band then get employer to ring to get confirmation.

Its a work around that may work this late in the year.