Planning for Redundancy - Claiming back tax

[DangerMouse10]

I am being made redundant at the end of September. I don't plan to take the first job that comes along and intend to avail of JSB until I find something I like (I'm aware of the 9 week ineligibility period because of my payout). My question relates to claiming back tax for FY2017 in 2018. As I will have only worked 9/12 months will I be entitled to claim back some of the tax I have paid as a PAYE worker this year?

Thanks in advance for your help.

 

[deanpark]

I'm in the same boat as DangerMouse - albeit being made redundant at end August and the redundancy payment is relatively small so will be eligible from week 1 Sept for JSB.

My salary (PAYE) for the year is c.€90k (Married/ joint assessment but wife has not worked in 2017) - could anyone provide a figure for tax I would be entitled to receive back if I don't work in months 9-12 of 2017.

Thanks.

 

[elcato]

You fill in a form P50 to claim back tax. If they're happy that you won't be working till year end (and September is close enough to suggest it will) then they will give you a rebate based on your annual tax expected and actual received.

My salary (PAYE) for the year is c.€90k (Married/ joint assessment but wife has not worked in 2017) - could anyone provide a figure for tax I would be entitled to receive back if I don't work in months 9-12 of 2017.

Roughly just multiply your current monthly tax deductions by 12, then multiply it by 9 and subtract the second figure from the first. It will probably be slightly more as the USC will probably be less.

 

[deanpark]

Thanks Elcato - that's a very clear explanation.