Lost in the Taxation minefield.

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pmc123

Registered User
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As usual, all assistance appreciated....

My wife and I have been married for 18 months and have decided to get our house in order from the taxation point of view.

Have no idea how the tax credit system works and even less knowledge on whether we should opt for joint assesment or not. All I know is I do my job and get paid.

We have a combined income of around 100k - have been advised to see a financial advisor to get the whole kit and caboodle sorted but as we're both PAYE workers, I can't see the benefit of this. We are claiming available benefits to my knowledge. Can anyone point me in the direction of a posting - or give an insight - into the steps we should take to get on track. I'm in the process of registering for the ROS service through revenue but the extreme user unfriendly nature only serves to frustrate.
 
You should be no worse off and could be better off (if one spouse is on standard rate tax and the other on high rate) if you opt for joint/aggregated [broken link removed]. See this thread for more on common tax credits/allowances. Getting professional advice, even if you are both PAYE, could be useful if your tax affairs for the past few years are not in order and you may owe or be owed back tax. Alternatively you could just visit your Revenue office or and ask for guidance. The tax credit system us pretty simple - you calculate 20% tax on anything up to the [broken link removed] and then 42% (2006) or 41% (2007) on the rest and then you deduct your tax credits from this to get your net tax liability. PRSI is a bit more complicated.
 
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