Best way to split tax credit for 2020

J

justme34

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Hello ,
I am a single man 35 currently working in two jobs ,first job in retail with annual income around 18000 euro paid montlhy and second job as a firefighter with estimated income 18000 -20000 euro paid quarterly.Both jobs will give me very similar income .Because I started work as firefighter in middle 2019 I have been taxed very hard . I want setup my tax credit and rate band on revenue site for 2020 so I kindly ask here for advice .Thanks Lukasz
 
Split the 20% tax band & tax credits etc equally between the 2 jobs would be my gut instinct advice

However you could also split the 20% tax band equally but allocate all the tax credits to the monthly-paid job. This way your monthly-paid job would have a slightly higher take-home (€137.50 per month) while your quarterly one would be slightly less, but only by ~ €400 per quarter. Difficult to know exactly what suits without knowing the timing of your outgoings.

You may have overpaid tax in 2019 if the credits were not allocated correctly so probably worth checking this out in early 2020
 
justme34 said:
Hello ,
I am a single man 35 currently working in two jobs ,first job in retail with annual income around 18000 euro paid montlhy and second job as a firefighter with estimated income 18000 -20000 euro paid quarterly.Both jobs will give me very similar income .Because I started work as firefighter in middle 2019 I have been taxed very hard . I want setup my tax credit and rate band on revenue site for 2020 so I kindly ask here for advice .Thanks Lukasz
Click to expand...

There is no need to be. Everything can be split evenly. With PAYE moderisation this year, the Revenue are constantly up to date on your earnings and credits, so there is no more emergency tax. You just didn't have any tax credits applied against your firefighter income.

The Revenue want everyone to manage their taxes online. You should register with https://www.mygovid.ie/ and you can make changes as you wish.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Makes no difference what way you divide them, as long as, and this is important, that the total credits are 'used up'.

Generally if you leave it up to revenue they will divide it to your best advantage.
 
SparkRite said:
Makes no difference what way you divide them, as long as, and this is important, that the total credits are 'used up'.
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Absolutely, in the OPs case it's the 20% rate band that's most important, the credits would be used by either job.
 
If it was me, I would have all my tax bands, allowances and credits assigned so that my monthly income is maximised. That will mean your quarterly pay will be reduced in comparison but should make budgeting etc much easier.
 
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