P50 Submission

BraveDonut

I was made redundant last year and stopped working on October 15th.
The company provided me with a P50 and advised me to complete it.

I hadn't done anything with it as I assumed that I should wait until the end of 2018.

So, last week, I decided to take a look at it and saw that I needed to accompany it with P45 parts 2 and 3. While I was wondering how to go and get the P45 2&3, it just happened to arrive in the post - handy!

So, my question are:

1. Am I right in thinking that the P50 is related to 2018 or is it until I get a new job? Basically when is the best time to apply?
2. The P50 is a photocopy and I am pretty sure that this is fine. Should I post off the original P45 parts 2&3 or will a photocopy do? As I presume I will need them again.
3. What do I do with part 4?
4. What is the impact of LPT?


thanks for any help.
Donut

gerrybbadd

BraveDonut wrote: »

I was made redundant last year and stopped working on October 15th.
The company provided me with a P50 and advised me to complete it.

I hadn't done anything with it as I assumed that I should wait until the end of 2018.

So, last week, I decided to take a look at it and saw that I needed to accompany it with P45 parts 2 and 3. While I was wondering how to go and get the P45 2&3, it just happened to arrive in the post - handy!

So, my question are:

1. Am I right in thinking that the P50 is related to 2018 or is it until I get a new job? Basically when is the best time to apply?
2. The P50 is a photocopy and I am pretty sure that this is fine. Should I post off the original P45 parts 2&3 or will a photocopy do? As I presume I will need them again.
3. What do I do with part 4?
4. What is the impact of LPT?


thanks for any help.
Donut

Photocopies are fine. The P50 is to claim a repayment of tax while you are unemployed. You will have unusued accumulated tax credits up to the end of 2018.

The tax office will now carry out a review of the entire year for you. they'll calculate the tax due for the entire year, applying the full yers entitlements, and out this against what was actually paid in tax. Should result in a repayment. However, it should be noted also that if you were on a taxable payment from Social Welfare, this will also be taken into account.

Part 4 of the P45 goes to Social Welfare.

LPT only has an impact where you may have been paying for it through tax credit reduction throughout the year. If you did not satisfy the entire LPT amount while in employment, this will be due, and may result in less of an overpayment of tax due back to you

BraveDonut

Thank you very much for this information.

In short, though, this is for 2018 only - right?

Ciaran

You'd be faster filing a Form 12 online for 2018 with your P45 info. There's likely to be a considerable backlog in dealing with PAYE forms in Revenue at the moment.