Lets Talk Tax! Your Tax that is.
How many people regularly check how much tax they have paid on an annual basis?
How many people actually check their payslip every week or month?
Unfortunately, very few check either. Less than 20% of the working population applied for tax refunds and/or additional allowances last year. Are you one of the 1.8 million people possibly paying too much tax? If you pay tax, prsi and the income levy, you may be entitled to a refund. Remember, you can only claim for a maximum of 4 previous tax years, so this is your last chance to claim for tax year 2005. We get asked tax back related questions many times during our Payroll Training courses, because possible refunds and allowances differ from person to person, everybody needs to be assessed individually. The excuse we hear all the time from delegates attending our training, who do not apply for refunds is, "What if i end up owing tax?", folks, if you owe tax, you owe tax. If you think you do owe tax, there is probably a reason for it, and one you should sort out sooner rather than later. We are all entitled to claim refunds and additional allowances if due, don't be afraid of the tax man, the tax man is their to serve us all, it's your money after all!
A quick example of a possible refund situation is married couples, did you know a married couple can allocate any unused tax credits or cut-off points to claim a refund? If the tax you pay as two single people is greater than the tax that would be payable if you were taxed as a married couple, you can claim the difference.
If this seems complicated, don't worry for now, we will be posting further details on this over the next week or so, if you wish, please contact us or reply to this post with your query. Why not click the "Follow our Updates" button on the bottom of this page, you will then receive an email everytime our blog is updated.
Friday, October 30, 2009
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