Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Tax Back! but it might be too much...

  • 29-04-2008 5:55pm
    #1
    REDZ
    Registered Users Posts: 273 ✭✭


    Hi
    This may be better suited to personal/ work and jobs but i wanted an expert opinion. I recently applied for tax back, and received around €1000 more than i expected, when i looked at the P21, it appeared that my old company did not pay any tax for me during my first four months there.
    To the revenue it appears that i did not use four months of tax credits in 2006, hence the refund.
    However i was working and assumed i was paying tax, indeed the monthly amount definitely included tax deductions.
    If i brought this to the revenues attention would they claim back my refund? And what penalty could my old company expect?
    Thanks
    Redz


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Personal call tbh.
    If i brought this to the revenues attention would they claim back my refund?

    Oh yes.
    And what penalty could my old company expect?

    Unpaid PRSI, PAYE plus a surcharge of 10% (of over three months) and daily interest.


  • #3
    REDZ
    Registered Users Posts: 273 ✭✭REDZ


    Thanks for the reply, I think i will leave a bit then.


  • #4
    latenia
    Closed Accounts Posts: 1,997 ✭✭✭latenia


    The best thing to do is to say nothing and hope it doesn't come to light when the Revenue check back in a year or two. (This is done somewhat randomly.) It could just be a case of your old company submitting late or (accidentally) erroneous returns. The person doing your P21 might also have made an error.

    If the worst comes to the worst and they discover the extra refund, it will be placed as a lien of 200 a year against your credits over 5 years. There will be no extra penalties or interest-in fact you could almost think of it as an interest-free loan to yourself.


Advertisement