Tax Calculation Thread

Have you received a new tax credit certificate stating your tax credits are reduced by 23 euro? If so then you'll pay 23 euro more PAYE this year. If it's only recently happened then about half that amount was probably collected in one go.

The Receipt Tracker is just basically somewhere to store your receipts so that you don’t have to retain them for 6 years, the amounts on these receipts must be included in your income tax return to claim relief.

Do you do you pay on your figure after allowable expenses etc are deducted

Yes, you pay tax/PRSI/USC on that value- basically on the rental profit.

Hi Folks,

Its quite a while since I've dealt with CGT and never on the sale of a house. Can I ask the following please?

1: As Sale closed on 18/11, I need to have my CGT paid before 15/12/23?

2: Property sold was my wife's former PPR. I can offset the time as PPR against the Taxable Gain?

3: Can Home renovation and other work undertaken while she lived there be used to offset chargeable gain?

4: Can I capitalise the costs of new boiler and white goods that were being depreciated while we were renting out? Can I total up the remaining deprecation and offset against the chargeable gain?

5: As we previously rented out the property we submit Form 11, am I correct in thinking that current CGT liability will need to be declared there via amendment to Form 11 and pay up.

I just want to be certain that any offests she/we may be entitled to are maxed out and that no more than is required in CGT is paid.

Thanks for any pointers on this.

Really appreciate your post, only after I posted did I see a thread with a very similar question that you'd already responded, so a double thanks is well in order.

The tax charge is 20% of the gross wages, less the weekly tax credits leaving the actual tax payable. Eg, gross wages of €600 would be a €120 charge, less weekly credits of €80 leaves tax payable of €40. If your wages were doubled to €1,200 then the charge is €240, less weekly credits of €80 leaves tax payable of €160. You’ll need to submit your 2023 return to get back any tax you have overpaid since the year is over

Tax year.

Did your tax credits or standard rate band change recently- maybe as a result of correspondence with the tax office? Has your net pay been pretty much the same all year and it's just that the online calculators are telling you something different? The PWC calculator is pretty accurate as is the Deloitte one too. However, if you're in the public sector, neither of these would cater for the multitude of possibilities so could misstate your take-home pay.

You could also run a query by with whoever calculates your pay- they should be able to at least provide the calculation details so you could use the information received from them to better understand what's happening.

One small point: PRSI increased in October so you should see a small amount extra coming off for that (but the change is small→ 0.1% of pay, so unless your gross pay is mega per month it wouldn't account for €60 of a reduction).

My Excel spreadsheet might be worth trying- available at:

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

It uses macros so will only work on the desktop version of Excel, not the mobile version, Apple version or web browser version.

Thanks folks.

I'm wondering if there is a slight underpayment from last year resulting in an adjusted tax credit. Its not appearing as anything separate on my payslip so maybe it appears as an adjustment to my main credit.

I'll look into this now.

Hi

I have a CGT/inheritance tax question.

If an uncle dies and leaves his house between four nieces/nephews what is the CGT due?

Say after all expenses are paid there is 400k left between 4, what tax is payable from the 100k gift/gain?

Thanks

Hi,

I have a question regarding submitting a tax return while abroad.

My only source of income is from Rental properties.

To file a form 11, is it as simple as calculating my rental income for the year, say 50K, and then simply calculating the 20% due and submitting the return. i.e no other deductions are relevant.

I have been abroad sufficiently long to be considered as not living in Ireland for Tax purposes.

Can anyone direct me

Single male €84490

WHat should my take home roughly be

My spreadsheet shows the following: