Tax Calculation Thread

gavmcg92 · 20-08-2016 12:48am

Vorsprung wrote: »

Hi guys, finding the tax relief on 3rd level courses confusing. Would there be any tax relief allowable for a part time student attending a public college, paying fees of €2250 for a one year course? Many thanks!

Thanks for pointing this out. Will be doing a part time postgraduate course next year and had no idea about tax relief being available.

martyjenkins · 23-08-2016 3:39pm

Hi does anyone know how to calculate unused standard rate cut off. I've been working part-time and am taking up a second job. I'm leaving all my tax credits with first job but haven''t been using all my cut off. what does this mean for calculating new tax. Thanks in advance

relax carry on · 23-08-2016 4:53pm

martyjenkins wrote: »

Hi does anyone know how to calculate unused standard rate cut off. I've been working part-time and am taking up a second job. I'm leaving all my tax credits with first job but haven''t been using all my cut off. what does this mean for calculating new tax. Thanks in advance

Assuming you are single, your standard rate cut off is 33800 for the year. That assumes your rate band hasn't been reduced by any other taxed income such as jobseekers benefit. How much are are likely to earn in your present job for 2016 and how much are you likely to earn in your new job for 2016?

seachto7 · 03-10-2016 1:26pm

Hi guys, a simple request.

I am doing my taxes for 2015, and overall, I only made a few grand and have some expenses.

So, I have 2 figures, what I made, and expenses.

I got my reminder payslip in the last few weeks, so hope to submit it.

I do not know what to put in the income tax column balancing amount 2015.

My preliminary tax for 2016 will be low too, so I can put in a similar amount to 2015.

Not sure, in my situation, if it's worth paying someone to do it. If I did pay someone, can it be done per hour, or do people usually charge a fee?

herro5241 · 07-10-2016 5:57pm

tyokay

01-12-2016 1:38pm

Hi,

My basic salary is 30k. I am due a bonus of gross 3k on top of my gross monthly salary of 2.5k this December. Can anyone advise what the likely figure after tax will be?

CIARAN_BOYLE · 01-12-2016 1:46pm

Yara Lively Gorilla wrote: »

Hi,

My basic salary is 30k. I am due a bonus of gross 3k on top of my gross monthly salary of 2.5k this December. Can anyone advise what the likely figure after tax will be?

You will probably get your normal wages and 69% of your bonus.

01-12-2016 4:17pm

Thank you Ciaran

exaisle · 01-12-2016 4:21pm

CIARAN_BOYLE wrote: »

You will probably get your normal wages and 69% of your bonus.

I calculate it at 71.5%

Income Tax 20%
PRSI 4%
USC 5.5% (7% last year)

CIARAN_BOYLE · 01-12-2016 5:10pm

exaisle wrote: »

I calculate it at 71.5%

Income Tax 20%
PRSI 4%
USC 5.5% (7% last year)

You are right. I did too many tax returns in early November. Looking back a year.

CPTM · 25-01-2017 8:57pm

Hi All,

Wondering if you can help me.

I've always relied on the PWC/Deloitte type calculators to calculate my total taxation and take home pay with each bump in salary I've received over the years. They have been largely correct with only the odd euro missing here and there.

I've just moved jobs, with a 10K bump to 60K euros gross, and this time the calculators over-estimated my take home pay by about 200 euro. They estimated I would take home 3,423, whereas my new company calculated 3,247 euros net.

After investigation, I saw that the calculators (and my previous company) were giving me a tax credit of 3,300, whereas since the move that has dropped to 1,650.

I've no complications (No bonus, pension, wife, kids, dependencies, other incomes). One BIK I have is Healthcare but this is something I've always had. I've been scratching my head all day and still can't figure it out.

If anyone could help me understand where the other half of my tax credit has gone, it would be greatly appreciated.

Citizenpain · 25-01-2017 9:04pm

Sounds like you are on emergency tax . If you have your new employer a p45 it should be resolved quickly enough. You only move in 2017 ?

CPTM · 25-01-2017 9:12pm

Citizenpain wrote:

Sounds like you are on emergency tax . If you have your new employer a p45 it should be resolved quickly enough. You only move in 2017 ?

Thanks for the response - I moved in November, but my first pay check in december was a combination of the month plus 2/3 weeks from when I started so I was expecting that to be inconsistent. This is my second pay check since I started. I've handed in my P-45 nearly straight away so it shouldn't be that.. Are the calculators correct in assigning 3,300 tax credit to me? The revenue website seems to suggest 1,650 for a single person...

relax carry on · 25-01-2017 9:19pm

CPTM wrote: »

Thanks for the response - I moved in November, but my first pay check in december was a combination of the month plus 2/3 weeks from when I started so I was expecting that to be inconsistent. This is my second pay check since I started. I've handed in my P-45 nearly straight away so it shouldn't be that.. Are the calculators correct in assigning 3,300 tax credit to me? The revenue website seems to suggest 1,650 for a single person...

Its 1650 personal tax credit and a paye tax credit of 1650. What is your tax status on your payslip?

CPTM · 25-01-2017 10:04pm

relax carry on wrote:

Its 1650 personal tax credit and a paye tax credit of 1650. What is your tax status on your payslip?

Ah ok, this makes sense and shows why I've been getting that all along. I'll check the payslip when I'm back in the office tomorrow. If it's not on the payslip, would that be a question for HR or for Revenue? Thanks very much for helping, I really appreciate it.

relax carry on · 25-01-2017 10:13pm

CPTM wrote: »

Ah ok, this makes sense and shows why I've been getting that all along. I'll check the payslip when I'm back in the office tomorrow. If it's not on the payslip, would that be a question for HR or for Revenue? Thanks very much for helping, I really appreciate it.

Ask your HR but if you login to your Revenue online account, you'll be able to see if your employment is registered with Revenue and what credits and rate band are allocated to it.

allthedoyles · 26-01-2017 12:37am

Plus when you login to your Revenue online account , there is a calculator there which will give you annual summary of paye , prsi and usc deductions .

DmanDmythDledge · 31-01-2017 2:33am

Also, if your employer has been paying your health insurance as you have mentioned and you are paying BIK on this, then you should be receiving an additional €200 tax credit for the tax relief at source for medical insurance premiums.

CPTM · 31-01-2017 11:48am

Thanks relax carry on, Dman Smyth Dlegend, and All the Doyles.

I'm just trying to get my login to the revenue account sorted. I filled in the details and requested pin by both email and text, but each time the final message that popped up was "Pin has been sent via post, should be with you in 5 days". Still no sign of it. I called but each time there's an 18-20 minutes wait which could be costly on my mobile.

Once I get it sorted I'll put an update here in case anyone else would benefit from the outcome. Thanks very much.

Dman Dmyth Dlegend, I guess that is a letter I request from my employer and send off to revenue at year end? For the BIK claim back I mean?

CPTM · 17-02-2017 12:39pm

CPTM wrote: »

Thanks relax carry on, Dman Smyth Dlegend, and All the Doyles.

I'm just trying to get my login to the revenue account sorted. I filled in the details and requested pin by both email and text, but each time the final message that popped up was "Pin has been sent via post, should be with you in 5 days". Still no sign of it. I called but each time there's an 18-20 minutes wait which could be costly on my mobile.

Once I get it sorted I'll put an update here in case anyone else would benefit from the outcome. Thanks very much.

Dman Dmyth Dlegend, I guess that is a letter I request from my employer and send off to revenue at year end? For the BIK claim back I mean?

Just wanted to update to close out. I got access to MyAccount eventually, logged on and as suggested on this thread, I was missing a tax credit against my online profile. I just ticked the box for "Personal Tax Credit" and it is now against my profile along with the already existing "Employee Tax Credit".

Thanks again for everyone's quick help on here. Might be worth noting that two other people in my company here were also missing a tax credit since January, so it could be worth checking to make sure it's in order.

fittypiper · 11-03-2017 8:09am

Hi , just started a new employment after some time (over 2 yrs) out of work.

I wonder if anyone could break down my take home pay as my new employer is a bit vague and unsure, anyway the basics.

Rate 18.00 per hour

Number of hours 40

Status Married ( single earner )

I am thinking that my TFA is not used up seeing as I have been out of work but I know there are other deductions.

Questions.

Will I be subject to PAYE initially or will all my TFA be used first?

What approx would be my take home pay, initially and then when the PAYE kicks in?

exaisle · 11-03-2017 8:12am

fittypiper wrote: »

Hi , just started a new employment after some time (over 2 yrs) out of work.

I wonder if anyone could break down my take home pay as my new employer is a bit vague and unsure, anyway the basics.

Rate 18.00 per hour

Number of hours 40

Status Married ( single earner )

I am thinking that my TFA is not used up seeing as I have been out of work but I know there are other deductions.

Questions.

Will I be subject to PAYE initially or will all my TFA be used first?

What approx would be my take home pay, initially and then when the PAYE kicks in?

Ask your new employer for a payslip. You're entitled to have one on request.

secman · 11-03-2017 8:43am

We are on WK 11 next week, so you have 10 weeks of tax credits to use, but what we don't know is what type of SW payment you were receiving as these may be taxable and your tax credits cert issued by revenue would need to be adjusted accordingly.

fittypiper · 11-03-2017 8:45am

There won't be a problem in getting the payslip but I only started on Thursday so I am just curious as to what my approx figure will be next week when I have completed my first week. Alternatively I can just wait and see but I would like some kind of idea if possible

fittypiper · 11-03-2017 8:47am

Hi Secman, I was on JA .

fittypiper · 15-03-2017 9:25pm

No answers , I will just have to wait and see for all the good this thread is.

voz es · 20-03-2017 8:14pm

I have a friend who is a college student (part time), they are single with no dependants. They work two days a week for 100 per a day so take home is 200. How much on top of that 200 would their employer have to pay out?

CIARAN_BOYLE · 23-03-2017 8:33am

voz es wrote: »

I have a friend who is a college student (part time), they are single with no dependants. They work two days a week for 100 per a day so take home is 200. How much on top of that 200 would their employer have to pay out?

Ask your friend to see his payslip. We don't have a clue what your friends circumstances are.

Ally Dick · 23-04-2017 10:04am

I am a married self employed person who wishes to take the joint tax credits. Are my tax credits €3300 + €950?

seachto7 · 14-09-2017 10:11pm

Hi guys. Maybe not a question for this thread, but I'll lump it in here anyway and see.

I have a full time job, and also some part time work from 2016 where I need to submit a return.

Talking about a few grand only.

Last year, I went to tax assist and they suggested I do it myself as the sum is so low, they'd be charging me at least 300e more or less to do it.

My problem is, I keep submitting it incorrectly! Are there any cheat sheets knocking around on how I could do it myself? I find the Revenue website not the clearest or else I'm just really stupid....

Or, should I just look for a cheap accountant to do it for me...

Geuze · 20-09-2017 1:41pm

Just fill in a Form 12 online.

http://www.revenue.ie/en/online-services/services/paye-services/file-a-tax-return-form-12-for-paye-customers.aspx

MagicHumanDoll · 21-09-2017 4:58pm

Hi guys!

I have two jobs - an 11hr contract and a 0hr contract. The 11hr one is not taxed (bar .5% USC) but my 0hr one is at 40%!

I handed in a p45 and have been issued a TCC, yet still seem to be taxed at 40% (PAYE). my tax credits are all on 11hr job but shouldn't be taxed at 40% at all due to low earnings.

Have submitted question to REV online but just looking for some guidance.

Thanks

arleitiss · 25-09-2017 11:02am

Why did I get get nearly 50% deduction to taxes?
Wtf.

Stheno · 26-09-2017 12:57pm

arleitiss wrote: »

Why did I get get nearly 50% deduction to taxes?
Wtf.

You're on emergency tax, contact the Revenue to get your tax details updated and sent to your employer

alias no.9 · 12-10-2017 8:24pm

Quick question... I do a form 11 return for Rental Income.

Over the years I've always used a laptop provided by my employer to maintain any records related to the rental property, rental income and tax return. I'm now finishing up with this employer after a very long time, I'm in the process of disentangling my private data from my work data and frankly I'm at a point where I never want the two to mix again. To this end, I'm purchasing a modest enough laptop to use for any dealings related to the rental property and tax returns. Is the cost of this an allowable expense against tax?

AmberGold · 12-10-2017 8:30pm

I ran a similar question by my accountant in relation to a printer I was using to correspond with tenants, the answer was no.

Kristopherus · 12-10-2017 8:55pm

AmberGold wrote: »

I ran a similar question by my accountant in relation to a printer I was using to correspond with tenants, the answer was no.

I think the Accountant is wrong. Mine advises me to keep receipts of everything i buy, down to a flashlight for night use, as I can claim them as business expences. So I have claimed for pc, printer & printing pasper. And Revenue have not raised any issues, thankfully.

Gloomtastic! · 16-10-2017 7:27am

Is there a way to pay Revenue in cash?

Got paid a large amount in cash at the weekend and rather than paying huge bank charges for cash thought I could give it to Revenue instead.

DoraExplora · 19-10-2017 9:56pm

Hi all,
Can you help me clarify how this should be treated. A married couple own a rental property in Ireland 50/50.
One of the partners is non-resident and earns a salary abroad, returning to Ireland but obeying the 183/280 day rule.
To pay tax on the rental property can the spouse register for separate treatment and pay 100% of the liability?

Or does the husband need to appoint the spouse to be the collection agent for his 50% share of the rental income?

TIA

arleitiss · 24-10-2017 8:46am

Hi Again,

I logged into my revenue account this morning and it says:
EUR 1650 in Personal Credits and EUR 1650 in Employer Credits.

What does this mean?

Also - where can I see how much I can claim back? (or is it undisclosed until you request claim-back)?

exaisle · 24-10-2017 8:53am

arleitiss wrote: »

Hi Again,

I logged into my revenue account this morning and it says:
EUR 1650 in Personal Credits and EUR 1650 in Employer Credits.

What does this mean?

Also - where can I see how much I can claim back? (or is it undisclosed until you request claim-back)?

It says "Employee Credits". If you're in an employment, then it's correct.

arleitiss · 24-10-2017 8:55am

exaisle wrote: »

It says "Employee Credits". If you're in an employment, then it's correct.

Yes sorry, Employee Credits.

Muahahaha · 01-01-2018 11:50pm

Hi all, I am trying to figure out how capital allowances for taxis then relate to taxable income. Im reading Revenues guidance notes from here
https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-11/11-00-04.pdf

Example
A taxi cost €50,000 in October 2005 and is used exclusively for the trade of
operating a taxi. The accounts are made up each year to 31 December. Wear
and tear allowances are calculated as follows:
€
Cost of Taxi 50,000
W & T @ 40% for 2005 20,000
TWDV 31/12/2005 30,000
W & T @ 40% for 2006 12,000
TWDV 31/12/2006 18,000
W & T @ 40% for 2007 7,200
TWDV 31/12/2007 10,800
W & T @ 40% for 2008 4,320
TWDV 31/12/2008 6,480

So in the example above how do the allowances granted then relate to income. Eg in 2005 it states 20,000 is allowed for wear and tear. Does that then mean that when it comes to calculating net profit that an individual subtracts 20,000 for that year from their net profit? Or is it the case that the 20,000 is allowed for against your final tax bill for that year? And if so what if your tax bill is under 20k, can the remainder be brought forward to subsequent years?

mike_456 · 05-01-2018 7:24pm

Hello,

I've stopped working on December 27 for previous employer and I'm starting to work for new company on January 10.

Since it's different year now, what should I give to new employer? P45 from December? Or should I request new Tax Credit Certificate from Revenue for the 2018 year and give it to new company?

Thanks

namenotavailablE · 05-01-2018 7:55pm

You need to contact Revenue to advise them of the new employer's tax number/ name to ensure that your new payroll department/ person receives the certificate of tax credits for 2018.

L.Jenkins · 10-01-2018 12:28pm

mike_456 wrote: »

Hello,

I've stopped working on December 27 for previous employer and I'm starting to work for new company on January 10.

Since it's different year now, what should I give to new employer? P45 from December? Or should I request new Tax Credit Certificate from Revenue for the 2018 year and give it to new company?

Thanks

Do you have an account with revenue.ie? A lot of employers are pushing new employees to register their employment online these days. If you do have a P45 available, then yes, provide it to them, but they will still need to provide a P2C to revenue to register you also.

buffalo · 14-03-2018 4:15pm

I couldn't see anything on the thread, but I'm trying to work out what the impact of marriage will have on tax paid by myself and my partner.

When following the rules on http://www.citizensinformation.ie/en/money_and_tax/tax/income_tax/taxation_of_married_people.html I just end up with the same amount before and after.

If I'm on 50k and she's on 35k for example, how does it work? Assuming tax band change at 35k for rounding.

Before:
50k = 35k @20%, 15k @40% (7k+6k)
35k = 35k @20% (7k)
Total of 20k tax

After:
50k = 43.5k @20%, 6.5k @40% (8.7k+2.6k)
35k = 25.5k @20%, 9.5k @40% (5.1k+3.8k)
Total of 20.2k tax

Is there only really a saving when one partner is below the 35k cutoff point?

Bobby1984 · 15-03-2018 2:10pm

buffalo wrote: »

Is there only really a saving when one partner is below the 35k cutoff point?

Yes

namenotavailablE · 15-03-2018 8:19pm

I've a macro enabled Excel spreadsheet uploaded (only for Windows and requires Excel 2007 or greater) which allows you to check various net income scenarios- see http://taxcalc.eu/monthlyss to download.

Other calculators:
Karl's web app is good for a quick calculation: http://taxcalc.eu
Hookhead's calculator is at http://www.virtualaccountant.ie/Tools/tax2018.jsp
Deloittes: http://services.deloitte.ie/tc/
Taxcalc.ie: http://taxcalc.ie/budget-2018/

31-05-2018 7:56pm

Sorry if this is the wrong place to ask this.

I was working as a contractor until the end of January of this year and on the first of February started working as a permanent employee. I just noticed on my payslip that I seem to be paying more tax than i should be.

I entered my figures into virtualaccountant.ie and I seem to be paying about 1200 euros more tax than I should be. Can anyone advise on how I rectify this?

Tax Calculation Thread

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