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Director - PAYE Credit

  • 14-02-2018 2:23pm
    #1
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭


    Can a Proprietary Director get the PAYE Credit if they have state pension in addition to Schedule E from the Directorship?


Comments

  • #2
    hjr
    Registered Users, Registered Users 2 Posts: 566 ✭✭✭hjr


    Per Revenue:

    If you have income that qualifies for the Employee Tax Credit and Earned Income Tax Credit, the combined value of these credits cannot exceed the maximum value of the Employee Tax Credit.


  • #3
    wiggle16
    Moderators, Society & Culture Moderators Posts: 3,022 Mod ✭✭✭✭wiggle16


    If you're not using the entire PAYE credit (and on the basic state pension, I don't think you would, but it depends what sort of state pension and I'm not familiar with them), you'll get a portion of the earned income credit off your directorship income.

    ie, PAYE credit is 1650. If you used 1200 of it on schedule E income, you would have 450 earned income credit available on directorship income. If you used the entire 1650, there's no earned income cred, and the PAYE credit takes precedence. The combination can never exceed 1650, basically.


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