Top slicing

W

Willie1

Registered User
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I may be due some money back from top slicing. Is it a difficult claim to work out. Is it something best left to an accountant or will revenue just do it for me. I think accountant fees are several hundred euro.
Any advice please
 
Revenue will work this out for you, no need for an accountant.

This will be an end-of-year claim.

Check out leaflet IT21 on Revenue's website.
 
Sophrosyne said:
Revenue will work this out for you, no need for an accountant.

This will be an end-of-year claim.

Check out leaflet IT21 on Revenue's website.
Click to expand...

Don't take Revenue's word for it, I have found myself on several occasions battling with them on behalf of clients who were shortchanged on top slicing claims.

If money is tight, learn the top slicing rules yourself. They're not that complicated.
 
You do not have to take anyone's word for it!

Check out leafllet IT21 and do the math yourself. It's not that complicated.
 
No need for an accountant for this as all the above say.

You can get balancing statements done for the previous 3 years prior to termination as this will be necessary to calculate the effective rate. Just be careful that you don't have any tax amounts outstanding for prior years as this will be collected if you request a balancing statement for that particular year.

you will get the amount that was liable to tax on your severance payment on your P45 in the box that states amount of termination payment included in above figure (which is your total earnings).
 
Thanks for all the replies above.
As I was a p a y e worker (with a large co.) I hope all my tax is up to date. I have claimed my medical expenses up to date so there shouldn't be anything outstanding...I hope.
Should I contact revenue and ask for balancing statements and start from there.
Thanks.
 
If you have already claimed your medical expenses then presumably you have received balancing statements already?
 
I did mine through an accountant - much less stress and 200 euro to get back 24k
 
That's a nice few bob amtc. ..that's a very nice few bob.
I checked with the accountant firm recommended by the company and their fee is €480 incl vat .
I don't know how much I might get back for sure but I'd say it would be just a few grand so fee is a big chunk.
 
A top slicing calculation wouldn't take anyone who knows what they're doing any length - the obtaining of the info and unavoidable few bits of red tape involved are what make up the bulk of the cost - €480 is pushing it a bit IMHO. If you look around you should be able to get someone competent who'll do it for less than half that.
 
Nowhere near enough info to go on - top slicing calculation can only be done after the end of the tax year when your total earnings / tax for this year are known. Your level of earnings and tax between now and the end of the year will affect the calculation.

To do the calculation one also needs to know your earnings & tax details for the previous 3 tax years.

It's not rocket science - either pay someone a couple of hundred to do it, or else trust either yourself or a Revenue employee to do the calculation. Either way, it's a calculation that can't be done this side of Christmas.
 
Sorry for hopping on the bandwagon here but can anyone tell me if Top Slicing applies to the retraining allowance too? I didn't realise I'd be taxed on this at all...
I took VR in September of 2012 but some of my courses were in 2013 so not sure even if it does qualify if I'd have to wait till next tax year.
 
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