P21 Balancing Statement and tax back question

Pittybitty · 21-11-2011 11:46AM #1

Hi all,

Not sure if this is the right forum - mods if not please move! Basically I resigned from my job due to circumstances I'm not going into here as this forum is not the place for it asmoney is a bit thin at the moment I was advised that I may be able to get some tax back through something called a P21 Balancing Statement. Can someone tell me how i go about this as I'm fairly clueless with things like this?

Any help would be greatly appreciated

relax carry on · 21-11-2011 12:55PM

A P21 balancing statement is not a method of reclaiming tax. It is exactly what it says it is, a "balancing statement" for a given tax year. You get one by requesting a review of a tax year. Depending on your circumstances you may get a refund along with the P21. As the tax year 2011 has not ended yet you cannot get a balancing statement for 2011.

For requests referring to an active tax year you need your P45 and a completed form P50 from the Revenue website. The link below will take you to it. Send both to your local office and you might just be in time to get a partial refund before the end of the year. Otherwise if you can wait, just do a 2011 review online in January.

http://www.revenue.ie/en/personal/faqs/changing-jobs-unemployed-periods.html

Pittybitty · 21-11-2011 05:17PM

Thank you!

thesimpsons · 21-11-2011 08:22PM

just be aware that a balancing statement could unfortunately show up an underpayment of tax. Be sure you are claiming all your possible tax credits to reduce your tax bill as much as possible

allthedoyles · 21-11-2011 10:29PM

Also note that if you do qualify for a SW benefit , it may be taxable and use up some/all of your monthly tax credit .

As you resigned from your job , you may not qualify for Benefit for 9 weeks , so you could be lucky and have a months free tax credits to claim .

P21 Balancing Statement and tax back question

Comments