I would be grateful if any contributor could give a couple of examples of how O.P. will be effected by todays revelations that they may have been underpaying their income tax.
With no tax reliefs for mortgage etc.
Could you give a couple of examples ie.
Income of a couple
Company pension €18,700
State Pension 22,700
Some of the differences in tax now due are so small that it appears to relate to a figure that Rev determined to be the Soc Wel State Pension in prior years. The figure used for 2012 appears to be 230.30 x52 weeks gross - which is 365 days
Q - will this change in a leap year
Q What is the figure in prior years when there was lesser amount but an additional week i.e. Christmas Bonus 52 and 53 weeks when double payment.
Q - What happens if the figure changes the end of year Dec 31 and Jan 1 is mid week with two different values.
Q - Does the figure change in these circumstances
Finally is there any webpage that shows the actual annual figure that the Rev will use for Contributory State Pension for each year
Do anyone know what is the Annual SW contributory pension for Tax purposes for prior years. For e.g 2011 weekly is the same as 2012 but 2012 has 366 days while 2011 has 365 days.
Revenue is using 230.30 x 52 weeks in their Tax Certs - seem to be ignoring the leap year.
Prior years there were different amounts so what is the figure for the previous four years. Confusion arises because Soc Welfare provided a different annual figure to Rev for tax purposes.
After that excellent example from Blacksheep you would wonder why revenue didn't take out large ads in the newspapers and do examples like that for the standard situation so everyone would have a fair idea if we are talking being out by a few quid or thousands.
I'm pretty sure that only tax relief applies but can't find anything definitive on it so far...Are DoC exempt from income tax and USC ?
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