In case it's of any use ... if you have kids then if she minds them full time she should qualify for the Homemakers Scheme which would give PRSI credits towards the Contributory Old Age Pension.I’m married. My wife works one or two hour a week (to get a PRSI contribution.)
Sounds like a mistake. I can't think of any reason for this unless you happen to earn €18K and they have identified her as the assessable spouse or something?I received my Notice of Determination of Tax and SCROP and noticed the noticed the Home Carers Tax Credit was missing. The Net SCROP was 68000 with 43000 allocated to me, and 25000 to my wife. As I understand the PAYE system, that is as it should be.
However after updating my details using ROS to claim the Home Carers Tax Credit, the Net SCROP was 43000 with 18000 allocated to me, and 25000 to my wife.
M wife earms €1600 and I earn €60,000. What is the maximum SRCOP I can get.
I believe that the above quote is entirely wrong. In 2007 one parent may have a SRCOP of €43000 and claim the full €770 Home Carer Tax Credit if the other parents income is no more than €5080. The available tax credit is reduced by half the amount of any income over €5080, resulting in the tax credit reducing to €0 when income hits €6620.You can only claim the Home Carer's credit OR the increased S.R.C.O.P. If you claim the home carer's credit you are only entitled to a SRCOP of €43,000 between the two of ye but you will have an extra €770 of tax credits. If your wife's earnings are more than €3,500 and you are earning more than €43,000 the increased SRCOP is the better option as her income will be taxed at 20% instead of 42%
I believe that the above quote is entirely wrong. In 2007 one parent may have a SRCOP of €43000 and claim the full €770 Home Carer Tax Credit if the other parents income is no more than €5080. The available tax credit is reduced by half the amount of any income over €5080, resulting in the tax credit reducing to €0 when income hits €6620.
Yes, Clarkey is indeed correct, my mistake. As far as I can see, as the higher rate is 41% in 2007 the figure after which the increased SRCOP is the better option would be €3667. Open to correction on this too.No Clarkey is correct.
No. Clarkey was right earlier, before I confused things, re-read Clarkey's post. You can't claim both.So I should claim the home makers tax credit of €770 and request that the full 43,000 SCROP is assigned to me. (Can I do that)
As far as I can see you can claim the €43K married SRCOP (but no more in respect of your wife's income as part of the maximum possible €23K both spouses working increment) and claim the Home Carer's Tax Credit. Or you can claim the additional €1,600 SRCOP increment in respect of your wife's income but forego the Home Carer's Tax Credit. Seems to me that the latter may be marginally more advantageous on the assumption that the SRCOP increment is worth €1,600 @ 20% = €320 while the tax credit is presumably worth €770 @ 41% = €315.70? I could be completely wrong on this though...!Neither is the [Home Carer's] tax credit available to married couples with combined incomes over €41,000 in the tax year 2006 and €43,000 in the tax year 2007 and who claim the increased standard rate tax band for dual income couples.
True - I was mixing up getting the married/both working increment to the limit of your wife's income with you getting this as an additional standard rate band which is wrong. In which case it looks like the best thing is to sort out your SRCOP and claim the Home Carer's Tax Credit.To me the key question is whether I can get the full 43, 000 SRCOP assigned to me. My wife will not have enough income to pay any tax. (She will not earn more than her PAYE tax credit of €1760.
Why not just register for the [broken link removed] online and do it through that?My tax reductions on my latest pay slip were 3 times what they were the week before. I think this was because my SCROP was reduced from 43K to 18K with a SCROP of 25K assigned to my wife. I plan to ring Revenue tomorrow and see if I can get the full 48K SCROP assigned to me.
Thanks Gents
I am a registered ROS user. I did not see an option to assign/divide the SRCOP. Maybe I missed it?
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