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Taxation week 53 in 2021

  • 29-04-2021 8:57am
    #1
    dublindcdyds
    Registered Users, Registered Users 2 Posts: 12 ✭


    As the 31st Dec falls on a Friday I believe this will result in a week 53 scenario.

    How does this work with your tax credits? I’m on the annual tax credit of €3,300, will I get an additional €63.46 in my 2021 tax year.
    Will my cut off increase from €35,300 by a further €678.85?
    I’m paid weekly.


Comments

  • #2
    collsoft
    Registered Users, Registered Users 2 Posts: 254 ✭✭collsoft


    In Short - Yes.

    You will be allowed one extra week of tax credits and cut off - but it will be taxed on a week 1 basis.

    The same thing basically applies to USC - you should be allowed one extra week of bands (some years ago you were not)

    Revenue have a guide which is aimed at employers, but it should confirm it for you - See Section 19.3 of

    https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-42/42-04-35a.pdf

    In 2021 this will apply to employees who are normally paid on a Friday, but there are some rules to stop employers engineering a Week 53 every year


    dublindcdyds wrote: »
    As the 31st Dec falls on a Friday I believe this will result in a week 53 scenario.

    How does this work with your tax credits? I’m on the annual tax credit of €3,300, will I get an additional €63.46 in my 2021 tax year.
    Will my cut off increase from €35,300 by a further €678.85?
    I’m paid weekly.


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