How do I pay the revenue?

M

Macstuff

Registered User
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I have completed Form 12 (used by PAYE employees to make tax returns on additional income) for the year 2010.
I've calculated that I owe the revenue €2,450 :-(
How do I pay this money to them? Do I send them a cheque or do they adjust my tax credits for next year etc?
 
Hi

Either pay by cheque or if you wait for the assessment to issue they will collect it by reducing the tax credits over the next 2-3 years.

capnhand
 
Thanks alot Capnhand.

I think I will choose the option of revenue taking the money via my tax credits.

A few questions on that:
a) Just so that I understand - all I need to do then in this case is complete form 12 and send it to revenue?
b) Will they automatically assume that I am using the option of adjusting my tax credits -given that I am not going to be sending them a cheque?
c) Will they issue an acknowledgement - i.e. how / when will I know that they have accepted my figures?
 
capnhand said:
Hi

Either pay by cheque or if you wait for the assessment to issue they will collect it by reducing the tax credits over the next 2-3 years.

capnhand
Click to expand...
How would that work capnhand....if somebody became unemployed.....does the tax owing still stand and remain at that amount until they find another job....or is there interest and penalties added.....after a certain time lapse.
 
Ann1 said:
How would that work capnhand....if somebody became unemployed.....does the tax owing still stand and remain at that amount until they find another job....or is there interest and penalties added.....after a certain time lapse.
Click to expand...

Ann in a case where someone owed Revenue say €5K and they were then made unemployed and unable to pay it is unlikely Revenue would chase the debt too vigorously....as long as you can prove that you don't have the funds to pay.

So the €5K would stand until such time as you are able to pay. Interest generally would not be added and Revenue would probably request an update on your circumstances i.e. have you found work after 12 months.

Each case is obviously different but I say the above from experience a few different cases.
 
Thanks for that Ham Slicer.....I just asked because in Oz when we lived there...if tax was owing...there was interest and penalties added....and the amount owing kept increasing the longer the amount was outstanding.....sort of restores your faith in the Irish Revenue system......lol
 
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