What are my Tax Options now I am returning to full-time employment?

[electrician]

I have been unemployed for a year and a half and since I was self-employed, I have not been entitled to any social welfare payments. Thankfully, I have just secured employment and will earn in the region of 30-35,000 starting in a week or so.

My wife earns 47,500 per year and she has had all of my tax credits for last year and to date this year. Neither of us know what basis to be assessed from now on. Obviously we are afraid that a large tax bill will arrive if we choose the wrong option. I have contacted Revenue and although helpful, I am more confused than ever. They mentioned week 1 basis, Cumulative basis and half & half....and told me to ring back when I decided on the right option for us...

Can anyone clarify what I need to instruct Revenue in order that neither my wife nor I are at a major loss with regard to tax?

Thanks.

 

[papervalue]

I have been unemployed for a year and a half and since I was self-employed, I have not been entitled to any social welfare payments. Thankfully, I have just secured employment and will earn in the region of 30-35,000 starting in a week or so.

My wife earns 47,500 per year and she has had all of my tax credits for last year and to date this year. Neither of us know what basis to be assessed from now on. Obviously we are afraid that a large tax bill will arrive if we choose the wrong option. I have contacted Revenue and although helpful, I am more confused than ever. They mentioned week 1 basis, Cumulative basis and half & half....and told me to ring back when I decided on the right option for us...

Can anyone clarify what I need to instruct Revenue in order that neither my wife nor I are at a major loss with regard to tax?

Thanks.

I go along lines of following

1. Wife to keep standard band of 45400*20% and balance 41%
2. Let her keep married tax credit
3. you to have band of 27,400*20% and balance at 41%
4. you get paye credit only

Do a tax return for 2010 next ja and you might get a tax refund

 

[electrician]

Thanks papervalue. After so long out of work I certainly couldn't deal with a tax bill for a silly paperwork error. Thanks again.

 

[Graham_07]

i go along lines of following

1. Wife to keep standard band of 45400*20% and balance 41%
2. Let her keep married tax credit
3. You to have band of 27,400*20% and balance at 41%
4. You get paye credit only

do a tax return for 2010 next ja and you might get a tax refund

+1