Tax credit PAYE worker and also self employed

gk_033

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Ok..i am working in public service and partner in private company. We earn as follows:
Me. 51000 gross
Partner : 29000 gross

We also have an investment property and last year (2017) received rent of 3200 ( only for the first 3 months..long story but that's all we got)
Expenses claimed on investment property were 2100 euros.
Our accountant gave us a total payment of 4100of tax payable for 2017. Is that right??

I am not sure..if someone can explain please. He has advised that I paid very little tax through work (public service job) and that i should be claiming higher tax credits. I dont undetstand.

Any help with calculations and or advise appreciated.

Thanks.
 
Start by listing the tax credits that you have.

The total value of the tax credits is on your P60s.
 
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Ok..i tried finding details on Ros.ie but it said no documents found for 2017.

For 2016 rental income was 14400
Expenses..i think we're approx 1000 ( can't remember) but our tax bill was approx 4000 and I didn't question it as I thought we had extra rental income in 2016.

But for 2017 very little rental income plus expenses almost offset the income in 2017.

Thanks
 
Can you please advise if credits are allocated between myself and my partner.

The accountant has advised it would be better for us to get assessed separately..i thought it was better financially to be jointly assessed when you get married and have kids?
 
Hello ..

The cert is for 2016..

The credits and rate band were allocated the right way on this cert ..

Generally joint assessment is best.. don’t know why accountant is suggesting otherwise

At a very high level I would be thinking you tax bill for 2017 should be:

Rent 3200
Less expenses 2100
Rental profit 1100
Taxed at 40% income tax , say 8% usc ( probably less for your wife) & 4% prsi ( although I’m not sure if this applies ) =52% = 572


This assumes that your tax credits and rate band were allocated in the same way as 2016..

So there must be something else ..

You need to go back and talk to accountant..
 
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Thanks Mary.
This is my current pay slip..do deductions to date for this year look ok?
 
Hello,

For 2018 I’m guessing based on the payslips

Credits 3,871/46 * 52= 4375 vs 4950

Rate band 36,273/46 * 53 = 41,000 vs 44550

To me these seem a bit low but your wife could have the differences..
 
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