Extra Monthly Income under Joint Assessment?

[Don_08]

Myself and my husband both earn at the higher rate of tax and we've been getting taxed under the seperate treatment.

Aiming to take unpaid materity leave in 2010 for four months or so. I will still end up paying at the higher rate of tax for 2010.

Was looking at moving my tax credits to my husband just for higher cashflow purposes while I am off on unpaid leave. I assume we'll still end up with the same overall net income for the year but just wondering how much extra net salary my husband would get on a monthly basis. Is there an easy way to calculate this?

Have worked it out at about €300 a month - would that look to be about right?

 

[xeresod]

Check whether you actually are taxed under seperate treatment or if it's seperate asessment, which is the more common option.

If it definitely is seperate treatment, then you elected to be taxed as two single individuals without the right to transfer credits/rate band to each other.

However, if it's seperate asessment, although treated seperately you can still transfer your credits etc between the both of you.

See here for more info.

 

[Don_08]

Well we never actually told the tax office we were married as there was no benefit to it - so just been taxed seperately. So was just going to inform them and ask to transfer the credits for 2010.

Its ok to change this for the following year?