Leaving Work and Returning to College

Hi,

this is my first time posting. I plan on finishing work and returning to college. In order to get my tax back what do i need to file? Also would there be an optimun time to finish work and claim back tax?

I currently earn €43,000 p.a. so i don't know if this affects the tax bands.

thanks for any help you can give me.

cailinog said:

In order to get my tax back what do i need to file?

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Form P50 - First Claim for Repayment During Unemployment

Also would there be an optimun time to finish work and claim back tax?

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Well from an income point of view it would presumably make sense to keep working until as late as possible.

thanks Clubman. I plan on finishing work at the end of May. by then i would have paid 3245 PAYE and 975 PRSI based on what i paid last month.

Would i be able to get the majority of the PAYE back? If i get 3120 tax credits for the year will i have exceeded them by €125 for any refund?

You may not get it all back immediately and it may take a several incremental P50 claims to get it back. That's how it worked for me when I was unemployed. Basically I think they refund an initial amount and then tell you to contact them again on a certain date if you are still not working at which point the refund another chunk and so on. I presume that if you have paid €3,245 in tax and your credits are €3,120 then you will indeed get back €3,120 eventually. PRSI is not refunable unfortunately.

sorry to hijack the thread but do you know what difference to the tax refund would there be if poster had a wife/husband?
My hubbie is seriously thinking of going back to college for a year in 2008. I would hope to get as much as he could have from tax man and then transfer over his credits to me as I would be the only employed person in the house. and also getting tax relief on his course fees. apart from that is there any other relief we could claim?

What way are you taxed at the moment - joint/aggregated married assessment, separate marrried assessment or assessment as two individuals? This may have a bearing on matters. There are several threads on married taxation already that might be of interest as might the [broken link removed]. Note that not all credits/allowances are transferrable. I'm not sure how tax relief on tuition fees works (if at all?) if the student is studying full time, not working and his/her spouse is?