RE Karl Grabbe's Calculator

R

roxymusic

Registered User
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Is this calculator very accurate and would it be accurate enough to avoid seeking professional assistance.

I think I may may owe some backtax on dividends rec'd over a number of years -but I'm not sure as I don't know whether I was paying tax at 42% or standard rate. If it was standard then the withholding tax @ 20% would mean I have nothing to pay?

Roxymusic
 
The calculator makes certain simplifying assumptions such as the tax credits available etc. As ever if you are not sure about your liabilities then you should get independent, professional advice. Are the amounts (e.g. of dividend income on which tax is owed) significant?
 
Dividends (after 20% witholding tax) would be in the region of €2000 - €3000 but even this added to salaries may not exceed ceiling were standard rate of tax is applicable. Problem is without doing the returns since 99-00 I can't be sure.
 
In that case just add dividend income to your normal gross and plug the figures in to get an idea of the excess tax liability over what you already paid. Make sure to enter or consider any tax credits and allowances that you were entitled to at the time. The calculator does not account for the full range of possible credits/allowances. Of course - 99-00 may predate tax credits, I can't remember offhand.
 
roxymusic said:
I think I may may owe some backtax on dividends rec'd over a number of years -but I'm not sure as I don't know whether I was paying tax at 42% or standard rate. If it was standard then the withholding tax @ 20% would mean I have nothing to pay?
Click to expand...

Who was witholding the 20%? Were these foreign dividends or Irish dividends? Is it normal for Irish brokerage to withold tax on dividends? (Don't have an account so I don't know).

If you dowload the ROS offline application you can fill out returns for the past several years, might be more accurate for you than the Grabbe calculator.
 
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Dividends on Irish shares are normally (always?) paid net of DWT of 20%. The broker doesn't withold this tax the company or registrar do.
 
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