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Tax Saver tickets

  • 22-06-2019 10:31am
    #1
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭


    I don’t fully understand how these work so not sure of it would benefit me.
    I spend on average €20 a week on my leap card, nearly all on the Luas. My salary is slightly over the standard rate threshold, less than €1000 over.
    How can I work out of a tax save pass would benefit me?


Comments

  • #2
    sharper
    Registered Users Posts: 1,216 ✭✭✭sharper


    Try the savings calculator https://www.taxsaver.ie/Ticket-Calculator/Ticket-Calculator/

    The part that's not hugely obvious is you'll pay the ticket cost out of pre-tax income so the main savings come from that.


  • #3
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    Those are CIE (scheme run by Irish Rail) Taxsaver prices - Luas has their own scheme for Luas-only tickets; problem is lots of employers cannot be bothered doing it. Some of the CIE ones have Luas included but for a Luas-heavy, other services light user the Luas alone one is much cheaper

    https://www.luas.ie/tax-saver-ticket-prices.html

    Assuming very limited non-Luas use, and normal holidays its really marginal as to whether it saves anything.


  • #4
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    L1011 wrote: »
    Those are CIE (scheme run by Irish Rail) Taxsaver prices - Luas has their own scheme for Luas-only tickets; problem is lots of employers cannot be bothered doing it. Some of the CIE ones have Luas included but for a Luas-heavy, other services light user the Luas alone one is much cheaper

    https://www.luas.ie/tax-saver-ticket-prices.html

    Assuming very limited non-Luas use, and normal holidays its really marginal as to whether it saves anything.

    So your saying stick with the leap card? From August the vast majority of my journeys will be using Luas


  • #5
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    If you're going to be spending maybe 25 a week it's worth getting the annual taxsaver. It's ~18 a week with your tax credits but you pay for it whether it's used or not. Holidays etc reduce casual expenditure on normal Leap


  • #6
    Vic_08
    Registered Users Posts: 3,041 ✭✭✭Vic_08


    L1011 wrote: »
    Those are CIE (scheme run by Irish Rail) Taxsaver prices - Luas has their own scheme for Luas-only tickets; problem is lots of employers cannot be bothered doing it. Some of the CIE ones have Luas included but for a Luas-heavy, other services light user the Luas alone one is much cheaper

    https://www.luas.ie/tax-saver-ticket-prices.html

    Assuming very limited non-Luas use, and normal holidays its really marginal as to whether it saves anything.

    Going by the figures in the link you provided he would definitely save by using Taxsaver, how much would depend on exactly how much he is taxed at 40%.

    Assuming currently spending €20 a week and only ever using Luas for work commuting that is €920 a year taking into account annual leave and public holidays

    For a 20% taxpayer the annual ticket costs €862, as he is over the 40% threshold it will be costing him less than that, assuming he is around €1000 over it will save him over €200 a year.


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  • #7
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    Vic_08 wrote: »
    Going by the figures in the link you provided he would definitely save by using Taxsaver, how much would depend on exactly how much he is taxed at 40%.

    Assuming currently spending €20 a week and only ever using Luas for work commuting that is €920 a year taking into account annual leave and public holidays

    For a 20% taxpayer the annual ticket costs €862, as he is over the 40% threshold it will be costing him less than that, assuming he is around €1000 over it will save him over €200 a year.

    The OP stated that they are barely taxed at 20% let alone 40. Threshold not cutoff


  • #8
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    Anyone know if its possible to transfer your existing tax saver to a new employer?
    instead of having to cancel the existing one, with the balance taken out of your last salary and then setting up a new one etc....


  • #9
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    TheShow wrote: »
    Anyone know if its possible to transfer your existing tax saver to a new employer?
    instead of having to cancel the existing one, with the balance taken out of your last salary and then setting up a new one etc....

    Not for Annual tickets - the other option is paying up the entire balance from the last paycheque; which can be painful or impossible depending on your personal financial situation.


  • #10
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    L1011 wrote: »
    Not for Annual tickets - the other option is paying up the entire balance from the last paycheque; which can be painful or impossible depending on your personal financial situation.

    especially if you only renewed it 3 months ago.


  • #11
    dancingqueen
    Registered Users Posts: 1,079 ✭✭✭dancingqueen


    I previously had a tax saver ticket refunded to an employer upon leaving the company. If you have your HR/Payroll person contact them and query it, they can help them through it.


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  • #12
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    dancingqueen wrote: »
    I previously had a tax saver ticket refunded to an employer upon leaving the company. If you have your HR/Payroll person contact them and query it, they can help them through it.

    You lose two months value doing this though


  • #13
    dancingqueen
    Registered Users Posts: 1,079 ✭✭✭dancingqueen


    L1011 wrote: »
    You lose two months value doing this though

    It depends on how long you have left, one will be better than the other


  • #14
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    dancingqueen wrote: »
    It depends on how long you have left, one will be better than the other

    No, you'll lose two months (or the entire ticket if less than 2 months is left) always. That's how refunds are processed.

    Annual tickets are priced with two months "free" that are not refunded.


  • #15
    dancingqueen
    Registered Users Posts: 1,079 ✭✭✭dancingqueen


    L1011 wrote: »
    No, you'll lose two months (or the entire ticket if less than 2 months is left) always. That's how refunds are processed.

    Annual tickets are priced with two months "free" that are not refunded.

    So by your logic, paying for 10 months (as an example) in one go is better than losing 2 months of 10? If you can afford it perhaps. If not, you go with the cheaper option.


  • #16
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,523 Mod ✭✭✭✭L1011


    dancingqueen wrote: »
    So by your logic, paying for 10 months (as an example) in one go is better than losing 2 months of 10? If you can afford it perhaps. If not, you go with the cheaper option.

    I never said any of that.

    I said you will lose two months if you cancel the ticket, to which you disagreed even though it was accurate.

    Also, the "cheaper option" is always going to be the one that doesn't involve losing money. Not being able to afford it doesn't make the other option cheaper; just the only one you can go for.


  • #17
    dancingqueen
    Registered Users Posts: 1,079 ✭✭✭dancingqueen


    L1011 wrote: »
    I never said any of that.

    I said you will lose two months if you cancel the ticket, to which you disagreed even though it was accurate.

    Also, the "cheaper option" is always going to be the one that doesn't involve losing money. Not being able to afford it doesn't make the other option cheaper; just the only one you can go for.

    Nowhere in my replies did I refute the point of losing two months, that might be your interpretation.

    You have two choices, you pick one. That was my point and I'm unsure why you're belittling me and dragging this to the death.


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