Tax advice

DeclanF · 08-12-2014 05:00PM #1

Hi All. looking for some tax advice. I am married with 3 children . myself and my wife both work full time and own our own house. up until we got married 4 yrs ago my wife was claiming a 1 parent tax credit of 1350. She recently got a letter saying that she should not have received this credit for the last for yrs we were married. we currently get tax assessed seperatly. The question I'm really asking is should we just let the revenue settle up my wife's tax affairs and continue as normal or would it be of any benefit to us to get assessed as a married couple. ie. would we be any way financially better off. currently I earn about 55000 and my wife earns about 35000. I would appreciate any advice. thanks in advance

Bobby1984 · 11-12-2014 07:43PM

DeclanF wrote: »

Hi All. looking for some tax advice. I am married with 3 children . myself and my wife both work full time and own our own house. up until we got married 4 yrs ago my wife was claiming a 1 parent tax credit of 1350. She recently got a letter saying that she should not have received this credit for the last for yrs we were married. we currently get tax assessed separately. The question I'm really asking is should we just let the revenue settle up my wife's tax affairs and continue as normal or would it be of any benefit to us to get assessed as a married couple. ie. would we be any way financially better off. currently I earn about 55000 and my wife earns about 35000. I would appreciate any advice. thanks in advance

Get assessed as a married couple. If she was earning less in previous years than her current wage, then she might have some of the lower tax band still available which you could use. This would reduce the amount of tax you pay at the top rate. By my very rough calculations, if she was earning €26,400 it would offset the amount she over claimed.
Have you claimed all other tax reliefs like medical expenses, college fess (if you pay any), rent relief (if you were renting in Dec 10)?

Alan Shore · 12-12-2014 07:00PM

I'd agree with Bobby you need to get any claim you can in. If your wife was off on maternity and had income less than €32,800 then you would benefit from being jointly assessed.

Get medical expenses, flat rate expenses, bin charges, union subs, for 2010, 2011, 2012, 2013.

Benny122 · 14-02-2016 10:12AM

Hi there I'm looking for tax advice please possibility from an accountant or someone qualified enough to know the answer.

I am working full time and earning 26k per annum. My partner is drawing JSA through a Scheme of about €208pw.
At the moment we do not live together.

We are thinking of buying an apartment. Sole mortgage and joint ownership.

As I have said my current salary is 26k however this will go up to 29k in the next year or two due to my studies.

If we buy this property - as in both have our names on the deeds and own it together and live in it together - will his JSA be effected?

Another question - if we intend to get married - i would as the same question - would his JSA be effected with my income?

I would appreciate any information on this?

jjjd · 17-02-2016 02:33AM

Benny122 wrote: »

Hi there I'm looking for tax advice please possibility from an accountant or someone qualified enough to know the answer.

I am working full time and earning 26k per annum. My partner is drawing JSA through a Scheme of about €208pw.
At the moment we do not live together.

We are thinking of buying an apartment. Sole mortgage and joint ownership.

As I have said my current salary is 26k however this will go up to 29k in the next year or two due to my studies.

If we buy this property - as in both have our names on the deeds and own it together and live in it together - will his JSA be effected?

Another question - if we intend to get married - i would as the same question - would his JSA be effected with my income?

I would appreciate any information on this?

JSA is a means tested payment, (JSB is not) so yes your income (and your assets, if any) will be assessed as part of his means test for JSA if both of you are living together, whether as co-habiting couple or as a married couple. On the plus side, if you decide to get married, you can claim some of your spouse's unused tax credits if you elect for joint assessment. You cannot do this if you live together as a co-habiting couple. Normally the family home is not treated as an asset for the purpose of the means test.

CorkGurl · 29-04-2016 04:54PM

Hi, wondering if someone can help with advice on tax, can you get accessed together if you are not married but cohabitating, we have one child and I am currently on JS B. My partner is working and on 53k ...I am about to start a job in the next few weeks part time and the salary is 12500, I'm unsure about tax credits etc and don't think we can even do anything as we are not married yet. Any advice would be great, thank you

Lockedout2 · 29-04-2016 06:01PM

CorkGurl wrote: »

Hi, wondering if someone can help with advice on tax, can you get accessed together if you are not married but cohabitating, we have one child and I am currently on JS B. My partner is working and on 53k ...I am about to start a job in the next few weeks part time and the salary is 12500, I'm unsure about tax credits etc and don't think we can even do anything as we are not married yet. Any advice would be great, thank you

You can't be jointly assessed if your not married or in a civil partnership.

bpmurray · 29-04-2016 06:21PM

If I make some money selling the produce of my hives, can I offset that with the costs involved. This is an expensive hobby so being ably to cover even a small part of the costs would be nice, but probably not worth it if the income is taxed. To get an idea of scale, I spent almost €1300 last year but it was a bad year and I had no honey to sell. If it went well this year and I got €500 back, I presume I would be liable for income tax, but could I claim that the costs to generate that income way exceeded the gain? Or would I have to register a company (that would run at a loss) to be able to do that? And I suppose a registered company would be able to reclaim the VAT too?

Tax advice

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