tax refund or bill ??

[JM13]

hi all
spouse was claiming single parent tax crd for 08 although we were married, oversight on his part, but we were told we would benefit from been jointly assessed, but i am worried we will end up owing them loads,

i earn app 19k
spouse earns app 46k

we were married mid 07, can we asked to be assesed for 08, 09 and going forward ?? if so any one got any idea if we were due any refund, would it balance the crd spouse received in 08???

hope thisl makes sense and would be delighted any with advice

thanks

 

[DB74]

Obviously it's impossible to give you a definitive answer without knowing all your tax credits etc etc

However, looking at the salaries you have given and on the assumption that you have not transferred any of your tax credits or cut-offs to your husband since you have been married, then you have some unused 20% band which could be transferred to your husband since you have been married

You can transfer a max of €9,000 to your husband each year (€4,500 in the year of marriage) and this is taxed at 20% instaed of the original 41% rate.

Per my rough calculations you will be due a refund of approx €2,900

2007: €4,500 @ 21% = €945.00
2008: €9,000 @ 21% = €1,890.00
2009: €9,000 @ 21% = €1,890.00

Refund due = €4,725

Tax credit repayable to Revenue = €1,830

Total refund due to you = €2,895