Any advice would be greatly appreciated, please.
The story so far...My husband and I were both self employed registered directors of our own company which we ran together for 10 years, 2011 the writing was on the wall that it was no longer sustainable, so we started the process of winding down and eventually liquidating the company.
My husband started full time work Sept. 2011, fully tax compliant, standard PAYE, PRSI etc. I was drawing no salary from the business as was shutting down.
March 2012, I took some employed part time work again fully tax compliant, salary was small so my husband kept my tax credits.
May 2012 my work through agency hours was building, still husband held my tax credits.
June 2013 I had built up enough agency work to look for my tax credits back, called tax office asked for my tax credits back, from then on thought all was in order, no concerns....until Dec 2015 accountant ( who had helped my husband set up another - non trading company - as he was uncertain as to how secure his work was) noted from ROS that I had mine and husband tax credits and husband had mine and his own tax credits, when tax office had made switch over in June 2013 they had actually not switched off my husband use of my tax credits, so we were double beneficiaries......
Sounds so ridiculous that not noticed before, fact that we were jointly assessed why did tax office not notice? We didn't notice, honestly, because we could see no discrepancy between mine and my husbands payslip we were both paying the same tax, had both been out of PAYE PRSI employment for c. 11 years, so were sooo unfamiliar with tax credits etc.
***we have rectified tax credits with tax office, but now are facing bill with revenue for under payment of tax for 2013, 2014 & 2015, c. 7K each year, both our salaries are in the 45-55K range.
We do not have this money, yes we do know that it was money we were not entitled to, we do not need to be told that, but the fact of the matter is with 4 teenagers, c. 160 extra/2weeks it isn't long evaporating.
We have no pot of savings to draw from, do you think we can negotiate some way with the revenue, has it been done before, we are are prepared to drag out repayments over years, is this possible. It is a real pickle but one which we have no way out if we can't negotiate. Please help?
The story so far...My husband and I were both self employed registered directors of our own company which we ran together for 10 years, 2011 the writing was on the wall that it was no longer sustainable, so we started the process of winding down and eventually liquidating the company.
My husband started full time work Sept. 2011, fully tax compliant, standard PAYE, PRSI etc. I was drawing no salary from the business as was shutting down.
March 2012, I took some employed part time work again fully tax compliant, salary was small so my husband kept my tax credits.
May 2012 my work through agency hours was building, still husband held my tax credits.
June 2013 I had built up enough agency work to look for my tax credits back, called tax office asked for my tax credits back, from then on thought all was in order, no concerns....until Dec 2015 accountant ( who had helped my husband set up another - non trading company - as he was uncertain as to how secure his work was) noted from ROS that I had mine and husband tax credits and husband had mine and his own tax credits, when tax office had made switch over in June 2013 they had actually not switched off my husband use of my tax credits, so we were double beneficiaries......
Sounds so ridiculous that not noticed before, fact that we were jointly assessed why did tax office not notice? We didn't notice, honestly, because we could see no discrepancy between mine and my husbands payslip we were both paying the same tax, had both been out of PAYE PRSI employment for c. 11 years, so were sooo unfamiliar with tax credits etc.
***we have rectified tax credits with tax office, but now are facing bill with revenue for under payment of tax for 2013, 2014 & 2015, c. 7K each year, both our salaries are in the 45-55K range.
We do not have this money, yes we do know that it was money we were not entitled to, we do not need to be told that, but the fact of the matter is with 4 teenagers, c. 160 extra/2weeks it isn't long evaporating.
We have no pot of savings to draw from, do you think we can negotiate some way with the revenue, has it been done before, we are are prepared to drag out repayments over years, is this possible. It is a real pickle but one which we have no way out if we can't negotiate. Please help?