Tax Credits?

[HelpIRL]

Hello,

Just set up my account with [broken link removed] - so you can look at all the PAYE On Line,

One question.

In one section it shows me my current Tax Credits and Incomes status for 2005.

Tax Credits
PAYE Tax Credit 1270
Personal Tax Credit 1580
Total Gross Relief Due 2850.00


Total Gross Relief Due?? What dose that mean can anyone tell me.

Thanks in Advance.

 

[allthedoyles]

Multiply 2850 x 5 =14250 means you are allowed earn 14,250 tax free for tax year 2005.

 

[HelpIRL]

Thanks allthedoyles,


You hear of people talking about how they claimed back TAX they over paid,How do you know if you over paid any easy way of telling??

Cheers.

 

[allthedoyles]

there are many allowances which people forget to claim for. depending on your circumstances , you can also claim for service charges , expenses , trade union , medical expenses home improvements , single parent , children etc .
To answer your question , if your earnings for 2005 are less than 14250 and you paid tax , then you have overpaid .
It aint easy to answer your question here just remember ,the easiest way to transfer tax credits to actual money is to multiply credits by 5 .
From my experience of doing tax returns , ALL paye taxpayers overpay EVERY year as most dont understand tax credits and i find the revenue are not very helpful either

 

[HelpIRL]

Thanks.

 

[ClubMan]

there are many allowances which people forget to claim for. depending on your circumstances , you can also claim for service charges , expenses , trade union , medical expenses home improvements , single parent , children etc .

See the key posts.

 

[advisor]

there are many allowances which people forget to claim for. depending on your circumstances , you can also claim for service charges , expenses , trade union , medical expenses home improvements , single parent , children etc .

Just to clarify there is no separate relief for children. You can claim for One parent fanily credit, incapacitated child credit or if married with children and only one person working you can claim home carer credit. There is no specific "Child Credit".