Income tax underpayment

Hi folks,

I just got my statement of liability and I owe Revenue a few hundred. In the document it states that my tax credits will be reduced over the next 4 years to compensate for the difference.

Question is; if I make an income tax payment through myaccount online, will that automatically be marked against my outstanding balance and therefore my tax credits will not be affected going forward?

Reason I would like to have the same tax credits in future is because I am a little OCD about how my salary is divided up and weekly spending is budgeted.

Thanks

Yes, you can pay the outstanding amount and keep your tax credits.


Example 2
Mark completed his Income Tax Return for 2021 in September 2022. This has resulted in an underpayment of tax of €200. This will be collected by reducing Mark’s tax credits over four years.

Mark would prefer to pay the €200 in full. He can make this payment using myAccount. This means that Mark will have the full credits he is entitled to at the beginning of 2023.

Thanks, Corola.