redundancy tax query

First off hello to the forum..

what i would like to ask is that i was made redundant 4 months ago and went on to unemployment benifit.now after 4 months ive finally secured a full time position.what i need to know is if i was unemployed and its coming to the end of the year can i claim some of the tax i paid on my redundancy back or ive heard of this "top slicing" but aint quite sure what it is.I now get paid by the month so thats 3 weeks to next pay day and with christmas coming a bonus tax sum would be nice


with thanks in advance


dec

When you were unemployed did you use a [broken link removed] to claim back tax that might have been owed to you as your tax credits for the months of unemployment went unused and therefore "cancelled out" tax already paid? Have you read the [broken link removed]? Ultimately if you have paid too much tax over the year and you write to Revenue with details of your earnings (salaries, UB, redundancy payments etc.) and your P60 for the year then they will recheck your figures and refund any overpayments. However this would be in early 2006 and too late for the Christmas shopping etc.

hello mr clubman


no when i was unemployed i claimed nothing back at all from the revenue and after being in contact with them the guy said to give them my new employers register number and they would refund through my new employer....he explained it in more detail but damn if i lost him after "now pay attention"

He is correct in that if you resume employment before the year is up then your outstanding/unused tax credits etc. will apply to any post unemployment income. However while unemployed it is possible to gain the advantage of unused tax credits by claiming back tax via a P50 which can be a handy additional source of funds. So - in your new job as long as they get your correct tax details your unused tax credits should be applied via payroll and at the end of the year if you have paid too much tax then you can follow my instructions above for getting your figures reexamined and a refund issued. If you want to do this before the end of the year then your best bet might be to call Revenue now but I'd imagine that between the postal dispute and Revenue's current busy state you might be as well off waiting until you get your 2005 P60 in early 2006.

I don't to put a dampner on thingsfor you xgtdec but the taxrefund duemaybe not be as much as it seems

Since some of UB (which you said you were on) is taxable but not taxed (by social welfare) you would have been using part of your tax credits while out of work
Your new employer should be able torefund any taxover paid in your first paycheck,if they recevie notification from the tax office in time

stuart@buyingtolet.ie

oh yeah im well awaqre of that....in fact i expect it......im just try to find out factually do i have a few extra quid coming to me ..thats all

stuart said:

I don't to put a dampner on thingsfor you xgtdec but the taxrefund duemaybe not be as much as it seems

Since some of UB (which you said you were on) is taxable but not taxed (by social welfare) you would have been using part of your tax credits while out of work
Your new employer should be able torefund any taxover paid in your first paycheck,if they recevie notification from the tax office in time

stuart@buyingtolet.ie

Click to expand...

A few years ago I was made redundant in February/March and was drawing UB for a few months thereafter and even though I only had about two months of salary at the start of the year the P50 tax refund was significant enough. Certainly worth claiming and I would encourage anybody who is in a similar situation to investigate this means of reclaiming tax (over)paid.