Query about tax credits

V

victory1

Registered User
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Hi all,
I have a query about tax credits. I hope some one will clarify.

I am PAYE employee and spouse is working as contractor and has own limited company. Getting salary as company director. I am also one of the director but I won't get any salary from that company. We started this last year in April. We were assessed jointly last year.

Last week I have changed my job and rang Revenue to notify that. They sent me updated credits. So I have 4950 credits now ( 3300 personal +1650 PAYE) and Cutoff for me is 42800.

So, what will be my spouse credits and cutoff please? I am guessing 3300 personal only as there is no PAYE credits for company director. What is the cutoff for spouse.

Thanks.
 
There are no credits left as you have the married credit. Standard rate cut off is €24,800 for your spouse.
 
Joe_90 said:
There are no credits left as you have the married credit. Standard rate cut off is €24,800 for your spouse.
Click to expand...

Thanks for your reply. So, which way is better Joint or separate assessment? Spouse income is more than mine.

Does it matter?

How Can you request for P21 if you are company director?
 
It depends on your level of earnings - if both of you earn over the standard rate cut off point of 33,800, there is no benefit to being jointly assessed. If one of your earns under this amount, you should be jointly assessed and split the tax credits / cut off point accordingly. In order to specify best division of tax credits / cut off point, you would need to post both of your annual earnings.

If your spouse is an employee of the limited company, he should be able to request a P21 online from PAYE anytime.
 
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