I need some advice on a tax matter.
I was paid a lump sum to compensate me for future loss of earnings,my pay has been reduced accordingly.I read this on the revenue website http://www.revenue.ie/en/tax/it/reliefs/lumpsum_payments_employees.html but dont know how it applies to my situation.
PAYE worker earning less than 32,000 a year
Lump Sum Payment received 14,500
Tax,PRSI,USC on lump sum is over 7000
I usually pay 20% tax so can I apply for a refund next year and if so How much would I receive?
Question is Am I entitled to any tax relief and if so How do I go about it?
I contacted the Revenue but they never got back to me.
Thanks in advance
I was paid a lump sum to compensate me for future loss of earnings,my pay has been reduced accordingly.I read this on the revenue website http://www.revenue.ie/en/tax/it/reliefs/lumpsum_payments_employees.html but dont know how it applies to my situation.
PAYE worker earning less than 32,000 a year
Lump Sum Payment received 14,500
Tax,PRSI,USC on lump sum is over 7000
I usually pay 20% tax so can I apply for a refund next year and if so How much would I receive?
Question is Am I entitled to any tax relief and if so How do I go about it?
I contacted the Revenue but they never got back to me.
Thanks in advance