Hi,
Myself and my wife married last august and she is now expecting, due in September. We are just wondering what steps we need to take to ensure we maximise our tax relief while she is no longer earning.
We have both been employed for many years and I would guess have no issues with "stamps" / prsi returns - we should have paid our fair share up to this point.
Thanks to your site, we discovered that the first thing we need to do now is register as married with the revenue, and we can then look at what structure best suits our income tax situation. We both pay tax at the higher rate, so probably not much gain here one way or the other? is that a reasonable conclusion?
Now with the imminent arrival of our first, my wife's employer pays no benefit to her so she will be on statutory benefit. Unfortunately, my wife is not covered under medical insurance, so we will be covering medical expenses ourselves and claiming a refund on the basis of a Med 1 submission.
I suppose my question relating to tax, is that as she will be earning no income from August, what is the best way to manage our tax affairs? Can I claim additional relief on my income, invoking her tax allowances at this point, or is this issue settled by means of her submitting a claim for a tax refund at the end of the year?
With her not earning, what is the best way to ensure we maintain the maximum net income over these tricky months?
Are their any other issues tax or welfare related that I should be aware of?
Thanks in advance guys!
Myself and my wife married last august and she is now expecting, due in September. We are just wondering what steps we need to take to ensure we maximise our tax relief while she is no longer earning.
We have both been employed for many years and I would guess have no issues with "stamps" / prsi returns - we should have paid our fair share up to this point.
Thanks to your site, we discovered that the first thing we need to do now is register as married with the revenue, and we can then look at what structure best suits our income tax situation. We both pay tax at the higher rate, so probably not much gain here one way or the other? is that a reasonable conclusion?
Now with the imminent arrival of our first, my wife's employer pays no benefit to her so she will be on statutory benefit. Unfortunately, my wife is not covered under medical insurance, so we will be covering medical expenses ourselves and claiming a refund on the basis of a Med 1 submission.
I suppose my question relating to tax, is that as she will be earning no income from August, what is the best way to manage our tax affairs? Can I claim additional relief on my income, invoking her tax allowances at this point, or is this issue settled by means of her submitting a claim for a tax refund at the end of the year?
With her not earning, what is the best way to ensure we maintain the maximum net income over these tricky months?
Are their any other issues tax or welfare related that I should be aware of?
Thanks in advance guys!