Claiming tax credits

H

heymcflyy

Guest
Hi

I claimed back tax credit for my daughter. She was born November 2005, so I sent off 4 forms for the years 05 06 07 08. After looking over the website it says that for 08 it will be paid by my employer and 05 would be only a month so that did not really matter. So the tax credits for 07 is €1760 and 2006 is €1630 comes to €3390. I checked my account Friday and only €1201.88 was paid. I cant make out how this was calculated.

Could this be the full amount Im due or is it because I sent the forms seperatly it will be paid seperatly?
Thanks
 
heymcflyy said:
So the tax credits for 07 is €1760 and 2006 is €1630 comes to €3390.I checked my account Friday and only €1201.88 was paid. I cant make out how this was calculated.
Click to expand...
Remember that the tax credit comes off your gross tax figure. This means that the credit is worth between 20% and 41% of the figures above. If you paid only 20% tax then it would be worth 20% of the above figures. If you paid 41% tax then it would be worth 41% (or some combination of 41% and 20% if you were just marginally in the 41% band). Basically it's difficult to comment without further details of your income from the relevant years - e.g. the figures from your P60s.
 
ClubMan said:
Remember that the tax credit comes off your gross tax figure. This means that the credit is worth between 20% and 41% of the figures above. If you paid only 20% tax then it would be worth 20% of the above figures. If you paid 41% tax then it would be worth 41% (or some combination of 41% and 20% if you were just marginally in the 41% band). Basically it's difficult to comment without further details of your income from the relevant years - e.g. the figures from your P60s.
Click to expand...

I dont earn that much Im on 23k for 06, 24k for 07, and 25k for 08.

But that makes a bit more sense of it now thanks.
 
Oh and I owe the revenue about €80 according to my P21 for the last four years. I requested this back in March. They said they are not going to collect at the time, would they deduct this?
 
There should be some tax refund due for 2005 if you paid tax in that year and that is propably included in the refund you received.
Did you not get a breakdown of the refund which would show the amount of refund for each individual year
 
ClubMan said:
Remember that the tax credit comes off your gross tax figure. This means that the credit is worth between 20% and 41% of the figures above. If you paid only 20% tax then it would be worth 20% of the above figures. If you paid 41% tax then it would be worth 41% (or some combination of 41% and 20% if you were just marginally in the 41% band). Basically it's difficult to comment without further details of your income from the relevant years - e.g. the figures from your P60s.
Click to expand...

Not true. One parent tax credit is worth the amounts quoted, not 20 or 41%/42% of these figures as it is a tax credit. However if you didn't pay at least these amounts in tax then you will only be refunded the tax you paid
 
Clarkey said:
Not true. One parent tax credit is worth the amounts quoted, not 20 or 41%/42% of these figures as it is a tax credit. However if you didn't pay at least these amounts in tax then you will only be refunded the tax you paid
Click to expand...
Er - that's what I said!
 
Yesterday the Revenue sent me a P21 for 2007. On my that P21 it said I was due the 1201.88. I thought this was a bit odd that there was none for 05 06. Checked ROS and I only have the credit for 07 08. So I rang the Revenue today and they said that when the letters are sent together something about them only scanning the first page I did not really understand. So he said he would apply the credits for 05 06. Lucky I enquired as they owe me at least another grand.

Just a stupid question. On ROS for 2005 it says my tax credits are 1580. Does this mean I am entilted to the full amount for the year or only the last two months as my daughter was only born November?
 
heymcflyy said:
Yesterday the Revenue sent me a P21 for 2007. On my that P21 it said I was due the 1201.88. I thought this was a bit odd that there was none for 05 06. Checked ROS and I only have the credit for 07 08. So I rang the Revenue today and they said that when the letters are sent together something about them only scanning the first page I did not really understand. So he said he would apply the credits for 05 06. Lucky I enquired as they owe me at least another grand.

Just a stupid question. On ROS for 2005 it says my tax credits are 1580. Does this mean I am entilted to the full amount for the year or only the last two months as my daughter was only born November?
Click to expand...

You will get it for the full year
 
heymcflyy said:
Just a stupid question. On ROS for 2005 it says my tax credits are 1580. Does this mean I am entilted to the full amount for the year or only the last two months as my daughter was only born November?
Click to expand...

The full credit for 2005 was 1580 ( Just checked old tables of credits I have in a tax book) so you get the full amount regardless of the date, it's not apportioned.
 
You must log in or register to reply here.
Back
Top