Hi just a bit confused about tax credits, I earn abt 47.5k, my husband earns 33k, on the revenue website its is recommending to split tax credits of 2,075 for me and 5,377 for him is this right? Anyone got any recommendations on what way to split it as most of the bills are paid by me, loan, car loan , house mtg etc?
How to split tax credits efficiently between husband and wife?
- Thread starter Noreen8
- Start date
You can change your allocation of tax credits in myaccount.
If you are not happy with the automatic allocation done by revenue, you have the option to decide what allocation you would prefer.
This is done by clicking on the box marked " proceed with a different request" and then typing in your request into the text box.
If you are not happy with the automatic allocation done by revenue, you have the option to decide what allocation you would prefer.
This is done by clicking on the box marked " proceed with a different request" and then typing in your request into the text box.
Yes I would of thought so but that's how revenue spilt them, I will probably look at amending them, thanks
Yes thanks for that just seen that earlier.
Don't just look at it, do it!
The ratio of your income is roughly 60:40, so why not assign yourself 60% of the credits and give him the remaining 40%, if he agrees!Then, if after a couple of paycheques the two of you don't like that split, you could go back in and revise the allocations again.
Note that if you revise the allocations a second time, then one of you will have overpaid tax, so will get a refund, and the other will have underpaid so will be taxed a bit more in their next salary period! (So its best to do it early in the tax year so the differences aren't too big!)
galwegian44
Registered User
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- 333
Thanks however still not sure what credits to allocate to who at this stage I will try and get in touch with revenue
Okay thanks for that.Don't just look at it, do it!
Then, if after a couple of paycheques the two of you don't like that split, you could go back in and revise the allocations again.
Note that if you revise the allocations a second time, then one of you will have overpaid tax, so will get a refund, and the other will have underpaid so will be taxed a bit more in their next salary period! (So its best to do it early in the tax year so the differences aren't too big!)
deadlyduck
Registered User
- Messages
- 441
I'd split the standard rate band €47500 and €33000.
Tax credits could be split equally as both incomes would fully use their share, but a ratio of roughly 60:40 to the higher earner would seem fair too.
My spreadsheet (Excel, for Windows desktop only, uses macros) is available free at https://taxcalc.eu/monthlyss
Tax credits could be split equally as both incomes would fully use their share, but a ratio of roughly 60:40 to the higher earner would seem fair too.
My spreadsheet (Excel, for Windows desktop only, uses macros) is available free at https://taxcalc.eu/monthlyss
The PAYE tax credit is not transferable.
So the only transferable tax credit will be the married tax credit.
T McGibney
Registered User
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- 6,206
There's little enough point in worrying much about this. Just make sure you get a balancing statement after the tax year end.