Med 1 & 2 forms - PAYE worker

[Anna Lucia]

Hi,

Maybe somebody can help me. When am I supposed to submit these forms. I have never done it before but have had substantial expenses so far this year and was advised to keep all receipts and submit Med 1 & Med 2 forms - I have just begun maternity leave so I was thinking I would submit the forms & receipts under my Husbands details would this be correct ? Im also wondering what happens when I submit this do we get a refund or higher tax allowances or something? Im clueless when it comes to claiming tax credits etc.. but now with Baby nearly here and only one income I can no longer afford to be.

Hope my question makes sense.

 

[ClubMan]

When am I supposed to submit these forms.

Once the tax year has ended. You can backdate claims by up to four tax years (i.e. back to 2004 right now) if necessary.

I have never done it before but have had substantial expenses so far this year and was advised to keep all receipts and submit Med 1 & Med 2 forms - I have just begun maternity leave so I was thinking I would submit the forms & receipts under my Husbands details would this be correct ?

If you are on joint/aggregated married taxation then your tax affairs will be handled jointly anyway. Otherwise you will need to submit under your own name and maybe request a P21 balancing statement at the end of the tax year in case you are due back tax due to your married status. If one of you is on 41% and the other is on 20% then you should probably opt for joint/aggregated married taxation as it should be more beneficial overall. www.revenue.ie has FAQs and other info on married taxation. As do several existing threads here on AAM.

Im also wondering what happens when I submit this do we get a refund or higher tax allowances or something?

MED1/2 relief is at your marginal rate - i.e. 20% or 41% (up to the limit of tax paid at 41% obviously).

 

[Anna Lucia]

Thanks Clubman

 

[QED]

Im clueless when it comes to claiming tax credits etc.. but now with Baby nearly here and only one income I can no longer afford to be.

Have you reviewed all other possible credits that you may have not claimed: Rent relief, Bin Charges, etc.

There's loads of information here if you do a search. (Also Revenue.ie)

 

[ClubMan]

See the key posts - there's a thread in there about common tax credits.