As a follow on question, to which I hope someone will answer:
If I do the consulting work on a few days in late 2018 and do not get paid until Jan 2019, can I include that in my tax return for 2019(probably more beneficial) or do I have to return it as earned in 2018?
The issue is;
between my and my wife's pension and her PRSA drawing, we will probably receive about €54k in pension in a full year.
The maximum amount you can earn at the standard rate is €43,550 plus the second income up to a max of €25,550.Thank you both for your responses. If l could clarify:
Pension(me)..37k
Pension(her)..17k (occupational, not including any prsa draws)
Total: 54k.
My understanding is that l could earn up to 11k extra income in a full year and we would stay in the 20% tax bracket[48k plus second income of 17k]. Is this correct or would Revenue allow me to include up to 14k to the band max of 68k? Nice problem to have, l know!
Ah, thanks! I had misrembered the cut off point. To summarise then, even though we are jointly assessed, the cut off will still apply? SlimThe maximum amount you can earn at the standard rate is €43,550 plus the second income up to a max of €25,550.
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