Do you think they will add interest on to this?
Also, can I ask for them to reduce our tax credits over a couple years instead of asking for a cheque by return?
If so, whats the max years we can reduce credits for?
Understanding the whole system is not easy. But understanding the basics to the extent that you are able to double check your tax credits and allowances is. Many people (including many who I know who would be well able to) simply don't bother and mistakenly assume that their employer or Revenue are responsible to keeping things up to date.Many (most?) people do not know how the tax system works. Even fewer know how PRSI operates, judging by recent threads on AAM. They are at the mercy of the revenue.
Try explaining to someone with very basic literacy how cumulative PAYE tax works. It's not that they can't be bothered. Every penny counts, especially if they are on low income.
If a system doesn't work, the users shouldn't be blamed.
No accountant on this forum, to my knowledge, has ever said that the four year rule is fair. My own view is that it is a disgrace and is probably unconstitutional. I can't wait for the day when someone appeals its validity to the High Court or Supreme Court.No matter what any accountant on this forum says, in my opinion this is unfair.
In fairness this is patently untrue. The only "vested interests" who benefit from the four year rule are the Revenue (who have less admin work because of it) and the Exchequer (who profit financially from it by restricting taxpayers' rights to claim their entitlements).We always talk about vested interests particularly those in property; if the tax system was very easily understood and help was freely available to those who needed it, would it be in the interest of the tax office or tax professionals.
Ubiquitous, you put in an ONLY which changed my meaning,,,,,,read your post again.
Ubiquitous, glad that we agree on the unfairness of the rule and glad to hear that the professional tax bodies are calling out for change in rules to simplify thing.
See above on definition of codswallop. I think there must be guidelines somewhere on this site re the use of such terms in describing anyone's contribution, even if one disagrees wholeheartedly with said post.
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