I got married in 2018 and I'm just updating my details in "myAccount" on the revenue.ie site
So it's asking me the preferred basis of assessment, which I've entered as Joint Assessment.
But my question is how to work out how to best allocate our tax credits and bands. We were both PAYE employees in 2019 and tax was deducted as we got paid. However, her job was just part time and she finished in June, as such she didn't pay any tax. But she also has rental income which she files through ROS. I believe the total of her income for the year would be < 10,000 but for me it would be > 60,000 I don't have exact details to hand at the moment. But just using those figures as an example would be good and I could do the real maths once I have the right method and figures.
If I select We know our tax credits and rate bands and request to manually allocate them, is this the most efficient way of dividing up our credits & bands? If so, how do I work out how much to allocate to each person in order to get the best possible return between us?
Or am I better off choosing We request to allocate all transferable tax credits and rate bands to the nominated assessable spouse (me)? If so, will she then be liable to pay back tax, seeing as her employer would have taken into account some of her credits that would be retroactively transferred to me? Or would revenue just deduct it from whatever refund I'd get on the basis of my now having more credits than my employer would have assumed?
How do you calculate what the best thing to do here is?
Thanks in advance!
So it's asking me the preferred basis of assessment, which I've entered as Joint Assessment.
But my question is how to work out how to best allocate our tax credits and bands. We were both PAYE employees in 2019 and tax was deducted as we got paid. However, her job was just part time and she finished in June, as such she didn't pay any tax. But she also has rental income which she files through ROS. I believe the total of her income for the year would be < 10,000 but for me it would be > 60,000 I don't have exact details to hand at the moment. But just using those figures as an example would be good and I could do the real maths once I have the right method and figures.
If I select We know our tax credits and rate bands and request to manually allocate them, is this the most efficient way of dividing up our credits & bands? If so, how do I work out how much to allocate to each person in order to get the best possible return between us?
Or am I better off choosing We request to allocate all transferable tax credits and rate bands to the nominated assessable spouse (me)? If so, will she then be liable to pay back tax, seeing as her employer would have taken into account some of her credits that would be retroactively transferred to me? Or would revenue just deduct it from whatever refund I'd get on the basis of my now having more credits than my employer would have assumed?
How do you calculate what the best thing to do here is?
Thanks in advance!