Balancing Statement - Finish Employment during the Year - Tax Return

JoeCole26

I am considering handing in my notice towards the end of the year and travelling from Oct - Jan 2023. At the moment i am paying around 3,800 a month in tax. If i finish up end of September, will i be able to claim tax back for the 3 remaining months in Jan 2023?

My rough calculations are 3,800/12*9 = 2,850 tax return - is this accurate? and is there anything i need to be conscience of as i am budgeting this as part of my time off.

Thanks in advance

ari101

The USC rates vary and are cumulative so you will save a higher amount than your formula estimates, given the level of salary you must earn to pay that much taxes.

Assuming by the time you finish up you have earned over the cut off for high rate taxes year to date, and that you are on standard bands and credits, for every month not worked you would get 36800/12*20% and 3400/12 back; a total of 2670 for 3 months.

PRSI is not cumulative so generally is not refundable.

I recommend putting your details into a tax calculator online. Do it for your normal salary and check it matches your monthly pay. Once you are happy it is giving an accurate result, then set the annual gross to be 9/12th of your actual gross. If you compare 9 months actual net to the total annual net given by the calculator for 9/12ths of your salary you should get a reasonable estimate.

namenotavailablE

I've a free spreadsheet which might assist - do as ari101 suggests above (you can set a start and end date for your employment):

http://taxcalc.eu/monthlyss/Employee%20PAYE%20calculator.xlsm