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Claiming Tax Credit for PRSA without Employers Input

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  • 24-09-2020 12:48pm
    #1
    Mango Joe
    Registered Users Posts: 1,179 ✭✭✭


    Quick question for you all please, any help would be very much appreciated.

    I have been paying into a PRSA with Ark Life for years totally separate from current and all previous Employers.

    Current Employer has been asked to make arrangements for this to be done as part of their usual payroll operations but is unwilling or unable to do so. I'm very likely to be leaving in the next while anyway so have gone beyond repeatedly asking and prefer to sort it out myself if possible..

    Up until now I would just occasionally I ring Revenue and ask for tax relief and they'd pay something back into my bank account weeks/months later. I'm not even sure if I've been getting my full relief paid back to be honest. This is obviously needlessly troublesome and going about it the wrong way.

    For the first time today I noticed on the Revenue.ie site I can apply for my own PRSA tax credit - There's an option for a PRSA (Net Pay) Certificate, which seems to suit as I'm effectively paying for my pension out of my own net pay after all tax deductions have been made.

    Questions if you don't mind please!!!:
    1. Is this the right approach?
    2. Will it follow me to my new Employer seamlessly - Or is it better to wait until I start new job?
    3. I got stuck immediately on the form where it asks Employment where your superannuation fund is held* and the only option listed is my current Employer??? Do I tick this box? I'm confused as I wouldn't have thought my Employer held superannuation for me?
    4. At the end of this process do I still need to tell my Payroll Dept to change something for me or will my weekly pay just up?

    Thanks Folks - Am admittedly clueless in tax affairs.


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    #2
    Geuze
    Registered Users Posts: 13,105 ✭✭✭✭Geuze


    People could always claim tax relief on pension conts in their tax return.

    When you submit your Form 12, there is a space on it to enter your pension conts.

    Nothing to do with employer, they are not involved.


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    #3
    Mango Joe
    Registered Users Posts: 1,179 ✭✭✭Mango Joe


    Geuze wrote: »
    People could always claim tax relief on pension conts in their tax return.

    When you submit your Form 12, there is a space on it to enter your pension conts.

    Nothing to do with employer, they are not involved.

    Thanks for taking the time to reply.

    I'm looking to automate this and not have to be claiming back this relief manually.

    You mentioned that it was nothing to do with Employers but I had thought all employers were obliged by law to provide this mechanism as part of their usual payroll operations?

    Also on Revenue.ie there seems to be an online form inviting you to apply for a tax credit for this???

    In my case I'm hoping to by-pass employers and just apply for this myself.


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    #4
    28064212
    Registered Users Posts: 10,493 ✭✭✭✭28064212


    If deductions aren't being made at payroll, you shouldn't select the Net Pay option. You still select your current employment, because that is the income that you're claiming the relief against.

    Your employer is obliged by law to provide access to a PRSA and facilitate deductions for that one at payroll. They are not obliged to facilitate access to any PRSA of your choosing. If they don't support your PRSA choice, they aren't required to do anything.

    Claiming the credits through the Revenue site is the simplest method. Although it's not automated, you still have to do it every year

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    #5
    Mrs OBumble
    Registered Users Posts: 25,717 ✭✭✭✭Mrs OBumble


    Mango Joe wrote: »
    Thanks for taking the time to reply.

    I'm looking to automate this and not have to be claiming back this relief manually.

    You mentioned that it was nothing to do with Employers but I had thought all employers were obliged by law to provide this mechanism as part of their usual payroll operations?

    Also on Revenue.ie there seems to be an online form inviting you to apply for a tax credit for this???

    In my case I'm hoping to by-pass employers and just apply for this myself.

    Employers are required to provide the facility. But I don't think they are required to facilitate any other pension plan you choose (I may be wrong here though).

    But if you want to do it totally without involving the employer, you will have to submit a return each year.


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    #6
    rossj
    Registered Users Posts: 52 ✭✭rossj


    Can someone PLEASE indicate to me what extra Tax credits I can apply for??

    I have heard that a teacher can applly for clothes tax back, other little study areas, taz credits on a whole host of other little areas that to be honest I think I should have been getting since 2006 but never really copped on til now....

    Can anyone tell me all those extra little credits to claims
    and the big ones that I Should check Im definately getting

    and the step-by-step processes on the ros.ie or revenue online pages to get same

    How does one in tax dept prove these are legit tax deductions??

    this is urgent enough so if anyone has a spare two-three minutes to explain I would really appreciate it

    Thank you all


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    #7
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,636 Mod ✭✭✭✭Henry Ford III


    rossj wrote: »
    Can someone PLEASE indicate to me what extra Tax credits I can apply for??

    I have heard that a teacher can applly for clothes tax back, other little study areas, taz credits on a whole host of other little areas that to be honest I think I should have been getting since 2006 but never really copped on til now....

    Can anyone tell me all those extra little credits to claims
    and the big ones that I Should check Im definately getting

    and the step-by-step processes on the ros.ie or revenue online pages to get same

    How does one in tax dept prove these are legit tax deductions??

    this is urgent enough so if anyone has a spare two-three minutes to explain I would really appreciate it

    Thank you all

    I'd suggest you speak to your union. They'll know.

    p.s. To the O.P. Is this a AVC? If not you may not be eligible to contribute.


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