Last year I completed our income tax returns (PAYE) for 2022 and 2023. We had made an underpayment of e700, which Revenue said they will collect by reducing our tax credits by e175 a year for 4 years from 2025-2028.
I have now done our 2024 income tax return and we have e1000 credits not used in that year. Is there any way to get Revenue to take make their credit adjustments all in 2024 instead of 2025 and the following years?
So 2024 was (probably/hopefully) an unusual year and we did not have a high enough income to use all of our tax credits. We didn't pay any tax and on our Balancing Statement it says "Tax Credits are Restricted to Tax Due" - we would be entitled to e1000 more for one of the credits if we needed it.
We will probably/hopefully have a higher taxable income in 2025 and later years so having reduced credits in those years would actually cost us 'real' money (I think).
But if our tax credits were reduced for 2024 I don't think it would cost us any 'real' money so I'm wondering if there is any way to ask Revenue to do this instead?