Should we restore husbands Tax Credits?

Hi All
My husband currently only works 1 day per week and therefore I have his tax credits. However, he has been offered 5 weeks work and I am wondering if there is any benefit in transferring his tax credits back to him for this period, or if that is even an option?

Also, how much are his tax credits worth to me? In other words, if I do transfer them back to him permanently (if he does find full time employment) how much of a reduction will I notice in my pay cheque?

Many thanks
t

Your husband (if he's working as an employee) will be able to claim the Employee credit of €1650. That credit would not have been transferrable to you- you would have been able to receive a 'Personal credit' of the same amount from him.

Depending on his earnings, the employee credit would probably be sufficient to cover the tax due on his earnings (although the way the tax system works, he'll initially pay some tax and -if he has no other earnings after the 5 week contract has elapsed- be able to recover it aver a period of time (I think this is done through the local welfare office).

You night want to play around with the figures using my spreadsheet calculator [Excel 2007 or greater- it won't work in Excel 2003 or earlier] available at http://taxcalc.eu/monthlyss. It allows you to set the tax credits per person and computes the net pay of each person. Leave a message below if you need a hand with it.