Form 11 - PAYE query

M

mcb

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This is the first time that I am filling out this form and of course have left to last minute. Use to get accountant to do it but charging a fortune so I thought I could do it myself.

Myself and hubbie both employed and pay PAYE/PRSI but hubbie has income from dividends so therefore the need for the form 11. For the past few years we pay approx 400 to the revenue.

Anyway, have filled out the form as per the guidelines etc on line and did actually find it quite easy but I seem to be owing now about 3000 euro. I also have a printout of the accountants calculations for last year and have been looking at that and everything I have done matches with what he has done previously except for one thing. As per the accountants 2006 spreadsheet, he has;

Less Credits/Reliefs set against tax on income
Personal Tax Credit 3260
PAYE Credit 2980

I am presuming that the 3260 is the married persons credit, but any idea on what the PAYE credit is. If I could figure out what this is then it would bring down the figure that I have for my 2007 calculations as obviously I am missing out on something for this yr.

Hope that all makes sense.
 
You get the PAYE credit if you are in PAYE employment, rather than if you are self employed. If you are PAYE, then you get both the standard credit and the PAYE credit. If you are both employed and pay PAYE, then check that box on the ROS form and see where that gets you in terms of your calculations - it looks like that's where the discrepancy is all right.

Sprite
 
The PAYE credit for 2007 is €1,760 for each PAYE employment . Assuming you both earn more than approx. €9,000 then that credit is allowed in full for each. That may be the item you are missing. Check your tax credit certs for your employments, you'll see it allowed there.
 
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Thanks guys but still confused, sorry probably sounding really stupid here.

On the form (doing manually) for 2007 I have allowed the credit of 3520 for a married couple, that is fine.

But on last yrs form I was credited Personal tax credit of 3260 which I presume is the married couples and then an additional PAYE credit of 2980. Why did the accountant have two different credits last yr and this yr I can only come up with the one credit of 3520?
 
Watersrpite..you say that you get "both the standard credit and the PAYE credit".

So is there two different credits???
 
You get 3520 married person's personal tax credit AND 3520 (1760 X 2) for PAYE credit (assuming you are both PAYE workers)

For 2006, you would have gotten 3260 personal credit + 2980 PAYE. It's just coincidence that the two reliefs happen to be the same amount in 2007 (and for 2008 as it happens). But you are entitled to both credits (at 3520 for each of personal credits and PAYE credits) if you are PAYE workers.

2007 and 2008 rates are listed [broken link removed]. An AAM post listing 2006 vs 2007 credits is here.

Sprite
 
Thanks a million WaterSprite, didnt realise that there was two different credits. Everything adds up now.

Cheers
 
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