Tax Tip, Did you Know?

Did you know you can get a refund of tax you have already paid if you were employed and find yourself unemployed. You may also get a tax refund if you are out of work due to illness. You can also get tax back if you are still employed but have paid more tax than you were liable for.

Another way to get tax back is through tax relief on services or products that you have bought. Some of the cost of certain services and products can be recouped from the tax you have already paid to the Revenue Commissioners, for example, tax relief for employing a carer and tax relief for third level education fees. The amount of relief you get depends on the amount of tax you have paid.

If you have any comments or queries please use the comments or email link below.

Tax Saver Commuter Ticket?

Did you know you can save up to 51% on your bus or rail fare with tax and PRSI* savings. You must order your ticket through your company and your company must be registered with Dublin Bus or Irish Rail to offer the Taxsaver Scheme to its employees.

For Example: Gross Salary - €34,000, Annual Bus & Rail ticket cost- €1190. If you opt for an Annual Bus & Rail ticket, your taxable income is €32,810. You do not pay tax, PRSI and gov levy on €1190. *PRSI rates may vary depending on your contribution class. Visit www.taxsaver.ie for more details.

If you have any comments or queries please use the comments or email link below.

Payroll Training Schedule

Check out our latest course schedule, we have both level 1 & Level 2 dates confirmed, visit www.cops.ie for further details.

Essential training course's for anyone, who is responsible for the payroll function, covering all essential rules in the operation of PAYE and PRSI to include the rights and obligations of both employers and employees.

If you have any comments or queries please use the comments or email link below.

NEW e-Learning Payroll Training

COMING SOON! New E-Learning Interactive Payroll Training Manual Based on our classroom training content, our E-learning training manual is an interactive e-book allowing all users a simple and intuitive new way of learning. Here are just a few of the features available in our new E-Learning manual;

1) Questions and Anwsers, with results score page
2) Add and save your own notes
3) Highlight and/or bookmark text
4) Updates automatically via the web

If you have any comments or queries please use the comments or email link below.

Quantum Payroll 2010 Edition

Quantum Payroll is one of Ireland's most popular, reliable, and accurate payroll systems, supported by an expert team of payroll professionals. Quantum, not only gives you a system totally in tune with today’s payroll needs, but it also allows you respond to staff queries at the touch of a button. Commonly requested items such as historical payslips and copy P60’s etc. are instantly available from the system.

Please contact us on 01-2883846 or visit our website @ www.cops.ie.

If you have any comments or queries please use the comments or email link below.

Work-life balance day on March 1 2010

A number of organisations are choosing to mark work-life balance day on March 1 2010

In a recession the availability of work-life balance options like flexible working, part-time working, job sharing and career breaks can meet both the needs of the business, to cut-costs, and those of employees, to increased flexibility and security Moreover, access to work-life balance initiatives can serve to motivate staff and positively effect productivity.

You may like to use the attached poster to promote work-life balance in your organisation. Hard copies are available from the Equality Authority (info@equality.ie). As well as the information on this website, the website of the National Framework Committee for Work-life Balance, http://www.worklifebalance.ie/ provides further information and is a portal to other sites.

How is my Tax Calculated?

Patrick is single and earns €28,000 a year. He receives his notice of determination of tax credits and standard rate cut-off point from Revenue.

Patricks’s tax credits are listed on the notice as:
Single Person Tax Credit = €1,830
Employee Tax Credit = €1,830
Tax credit total = €3,660

The standard rate cut-off point for a single person is €36,400. As a result of Patrick’s income being below the cut-off point, all of his income is taxed at the standard rate, (20%), to give his gross tax.

€28,000 x 20% = €5,600 gross tax.
The total tax credits are deducted from gross tax to give the tax that is payable:

€5,600 - €3,660 = €1,940

Patrick is also liable to pay the income levy at 2% of his gross income:
€28,000 x 2% = €560

The total amount deducted from his income is:
€1,940 (income tax) + €560 (income levy) = €2,500

This is a basic calculation and does not include deductions for PRSI.