Tax back after leaving job

G

guerngirl

Registered User
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if someone earning 200k a year leaves their job in June of a tax year, how much tax could they expect to get back at the end of the year if they don’t work again until the following year?

main earner in the household, dual income family, other person earning 70k and other person gave all possible tax credits to the main earner on 200k.
 
They could get back the unused portion of their tax credits and a USC refund.

For the scenario you outline, assuming each person is an employee with typical tax credits (rather than self-employed where the credits are slightly different), the big earner with all credits would have €4950 annual credits (employee credit of €1650 and married couple credits of €3300). By the end of June, they would have been granted half of this amount, €2475. Assuming that their year to date income tax exceeds €2475 by the end of June (a safe assumption unless they have some massive tax breaks not outlined), they can get back their unused tax credits.

For the USC refund- I calculate that their USC deduction by the end of June is €6428 but their actual liability on an annual income of €100000 would be €4856, so a refund of €1572.
 
Might be worth the couples time to transfer the remaining (unused) tax credits and tax bands to the person still earning. That way some of the refund would be received in November/December pay slip, rather than waiting for the year end to make the claim.
 
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