Tax Back (Refund) when now redundant

M

MichaelOC

Registered User
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Hello guys,

Just wondering could anyone please shed some light on the following question.

I have recently become unemployed (Have recently been aproved for JB payment). I was wondering am I entitled to refund of portion of my tax I have paid this year. As going from responces from job applications I am not too optimistic of finding work by the end of the year.

I finished work on the 30/09/09 and I have paid tax to the amount of €8,711 YTD. Somebody mentioned to me if I dont commence work again this year I maybe entitled to a portion back???

Could anyone shed some light if they have had previous experience.

Thanks for reading.

I am contacting revenue tomorow but some personal experience responces would be great.

Thanks again.
Best of luck to all
 
You may indeed be entitled to a tax rebate. You can either fill in a form P50 now and send to revenue and any refund due will be "drip fed" to you between now and the year end.

Or

Wait till after year end send in P45 and Certificate of taxable JB received and any refund due will be sent to you.

Keep copies of all forms and correspondence
 
Hi Black Sheep,

Thanks for responce mate, appriciated it.

Just wondering if there any difference between doing option A and option B as you mentioned above in terms of amount refunded????

Thank you once again for your help.

Every penny counts as I am completely broke not not working and would like to get it sorted with the first option as long as no dis advantage to doing it this early.
 
Tax refunds are based on tax credits claimed .

The more credits you claim - the more refund you will get .

So check to see if you are claiming all your tax credits :

Some of the more familiar ones are :
union dues - private rent - medical expenses - wheelie bin charges - work expenses - home carer

Remember that your jobseekers benefit is taxable , and this will digest some of your expected refund
 
Personally I would go for option B as you will get a P21 form at year end showing a clear picture of total income for the full year, the amount of tax paid and refund due and the tax credits allowed. You can easily check if all the figures are as received.

If you are really cashstrapped then option A may be for you
 
Thanks once again for responce, really do appriciate it.

I know this may be a bit rude of me and apologies if I should not ask this question, but does anyone here know roughly what amount of refund I may possibly be looking at given the following figures

"I finished work on the 30/09/09 and I have paid tax to the amount of €8,711 YTD. Somebody mentioned to me if I dont commence work again this year I maybe entitled to a portion back???"

Once again Im sorry to ask this question, I am not being lazy, its just revenue say it will take 3-4 weeks to get a responce.

With being currently unemployed it would be helpfull to try and budget for remainder of year as money is tight as Im sure it is with a lot of people.

I appriacte your responces.

Thank you very much.

Once again best of luck to all those trying to find work, things can only get better!!!
 
Hi Michael. There is no way of being able to tell you how much tax you are due back, on the little information that you have given.

I would suggest that you learn more about how income tax is calculated and what tax credits you have had for the year, and you might be able to work it out.
 
I have made some assumptions
You are single
The only credits are Single 1830 & Paye credir 1830

Salary to date 41,925

27300 * 20% 5460
14625 * 41% 5996.25

Gross Tax 11,456.25

Credits ...2,745

Net Tax ..8711

You have to pay tax on your jobseekers benefit (say 4 weeks * 200) so the position at the end of the year will be as follows

Salary for year 42725

36400 * 20% 7280
6325 * 41% 2593.25

Gross Tax 9873.25

Credits ...3660

Net Tax ..6213

You paid 8711

Overpaid 2498 approx
 
Firstly Thank you very very much for the responce.

I really do appriciate it so thank you once again.

I have been trying do do calculations myself and to be honest found it incredibly interesting, while Im looking for new job I might start to study CAT course from home.

I also noted my tax credits of 3660 euro for the year but I didnt know what amount of my pay YTD and for year is taxed at 21% and then remainder at 41%, I needed that in order to figure out my net overpayment when compared to tax paid YTD


Thanks once again for your input, if the figures are wrong thats no problem whatsoever but it is very nice of you to help me out with a rough estimate. Thank you again
 
I also noted my tax credits of 3660 euro for the year
Click to expand...

You may be able to claim other tax credits, Trade Union, Fees Bin Tax etc.

I didnt know what amount of my pay YTD and for year is taxed at 21% and then remainder at 41%
Click to expand...

The standard rate cut of point SRCOP, the amount of your gross pay that you pay * 20%.
If single 36,400 annual 3,033 pm or 27,300 to 30/9 This may be different depending on circumstances pension contributions etc
The balance is taxed * 41%
The figures should be shown on your Salary slips



Don't forget to allow for PRSI and Income levy
 
asdfg said:
You have to pay tax on your jobseekers benefit (say 4 weeks * 200) so the position at the end of the year will be as follows

Salary for year 42725

36400 * 20% 7280
6325 * 41% 2593.25
Gross Tax 9873.25
Credits ...3660
Net Tax ..6213
You paid 8711
Overpaid 2498 approx
Click to expand...

The figures might be different from here - Aren't you on Jobseekers Benefit since 30.09.09.

If so there is 13 weeks @ €191.30 = €2,486.90 ( not €800 )

As i said earlier , - with your allowances for the year at € 3660 , have alook again to see , if there are any other tax credits you can claim to help increase your refund amount .
 
f so there is 13 weeks @ €191.30 = €2,486.90 ( not €800
Click to expand...

Good spot, I was thinking of a redundancy situation. Sorry about that

I recalc the revised tax refund at 1806
 
No problem

Once again thanks for amount of responces guys, very nice of you all...

Even if my tax refund was 1806 it would be incredibly helpfull....

I dont have any medical expenses this year (First time in a long time!!!!!!!) so cant claim these.

My jobseeker didnt actually commence until 23/10/09 so this may bring the refund back up slightly???

The more I look into this (Although you guys are providing all the answers) the more it is actually inspiring me to start a Certified Accounting Technician Course. I would love to be able to answer questions for people in my boat 2/3 years down the line.

Once again lads Thank you very very much
 
Thanks everyone again for your responces.

Based on my start date for JB's payment it should total €1,800 between now and year end (9 seperate payments)

Therefore I have added it to my earnings YTD (€42,499.47) and have tried to work the following calculations as follows;

Tax at 20%

7,280
Tax at 41% 3,239 Tax Due 10,519Less Credits (3,660)Less Reliefs(0)Tax Payable 6,859
I have paid tax YTD of €8,946.77 so therefore refund of €2,087??? Am I right on that???

Just another point on that I have also found out that based on my income I should pay PRSI of €1508 per year. I have paid PRSI of €2,703.35 YTD. Does anyone know wether I am entitled to a refund on this??

Thank you
10,519(3,660)(0)Tax Payable 6,859
 
Just contacted Deepartment of Social and Family Affairs regarding PRSI, they just said send in my P45 and they will look at it in January. They cant deal with current year until they have their final returns which is fair enough..
 
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