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Emergency tax question

  • 18-02-2019 6:30pm
    #1
    Gaz
    Registered Users, Registered Users 2 Posts: 1,590 ✭✭✭


    I changed job at the beginning of the year but my bonus for 2018 from my previous employment is still due to me (expect it next month).
    As I am now fully on the revenue system as only being employed by my new employer, what happens when my old employer processes my bonus ?

    I assume I pay a crap ton of tax on it ?
    Do I need to manually claim this back or would my salary from my new employer be taxed less to make up the difference ? :confused:

    Thanks


Comments

  • #2
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    The old employer will commence you for the payment and look for an RPN from ROS. Their payroll will initially set you to emergency tax. Since your credits/cutoff are all allocated to the new employer the ROS instruction which comes back should be nil credits/cutoff. So you’d pay high rate tax and USC and normal PRSI. The old employer will then file that on ROS and cease you again.

    However, would your expected earnings in 2019 apart from the bonus leave you with some higher rate exposure anyway? If so then you’d be due to pay high rate anyway on the bonus. If not then you could have some refund due on the difference in rates. Since the P forms (P45/P50) are now defunct since 01/01/19 I’m not sure how you’d get that back during the year although a year end review (which Revenue now say will be pretty much automatic) would throw up any refund anyway.


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