redundancy and claiming back tax

[tiger woods]

just found out that i am being let go from my job.I am getting a fair package of my employer of 26k nett.would it be better to hold of looking for a job straight away so i could claim back some tax also my wife is a teacher and what would the tax implications be for her if she took my credits

 

[Homer]

Re: redundency and claiming back tax

There's no particular advantage to waiting before you go back to work.

Many years ago, there was a very complicated form of top slicing relief that created situations where it could cost you more in tax than you were going to earn if you went back to work before year end. But that system no longer applies.

Regards
Homer

 

[asdfg]

what would the tax implications be for her if she took my credits

Your wife can claim your tax credits (except PRSI credit) and increase her Srcop to 44,400 currently 35,400 (70,800 for a married couple assuming both are earning over 35,400) for a full tax year
1. You might have to wait until next year to change the type of assessment (single to joint) Revenue may do something in cases of hardship.
2. Let revenue know asap of your intension to change next year
3. Get a balancing statement from revenue for this year as soon as you can early next year.

If you have any children you (your wife) may be entitled to claim the Home carers credit

Hopefully this link will explain things in relation to the different types of assessment

Every thing could change on Wednesday