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Savings

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  • 27-01-2010 7:15pm
    #1
    Joey the lips
    Registered Users Posts: 10,262 ✭✭✭✭


    Hi folks wonder if you could advise me of something. I am currently and carer(Not a sponger just to the the record straight) Under carers I am allowed work 15 hours but i must declare all earnings etc. Common sense crap really and which i do.

    I have been saving very carefully. My understanding is I am only allowed to save so much in the post office before they inform the revenue commissionsers or the social welfare. Why they inform the social welfare i dont understand. All my income is declared or is savings classed as income and if so how does a carer save


    Anyway what i really want to know how much can you save before you must declare it to revenue or do revenue just take a peek and say you owe me 5 k

    If my question does not make sense sorry


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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Its not the fact that you have savings, but the fact that you are saving - the revenue will reckon the money has come from somewhere - inheritance (CAT?) sales of shares(CGT?) undeclared income (Income Tax?)

    I'm afraid I don't know more than that


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    #3
    Joey the lips
    Registered Users Posts: 10,262 ✭✭✭✭Joey the lips


    homer911 wrote: »
    Its not the fact that you have savings, but the fact that you are saving - the revenue will reckon the money has come from somewhere - inheritance (CAT?) sales of shares(CGT?) undeclared income (Income Tax?)

    I'm afraid I don't know more than that

    ah hold on now. I am on min carers. Its not much trust me. Its essentially drink money and tax back. I just wanted to know whats my limit as i dont see the point in saving to give it away. Better to spend it.


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    #4
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    If your savings are under 20 thousand - you have nothing to worry about - it is not taken into account for the carers allowance. If it is over 20k - then you should let them know - see here for details.

    Money Advice - www.moneyguideireland


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    #5
    Joey the lips
    Registered Users Posts: 10,262 ✭✭✭✭Joey the lips


    Ogham wrote: »
    If your savings are under 20 thousand - you have nothing to worry about - it is not taken into account for the carers allowance. If it is over 20k - then you should let them know - see here for details.

    Money Advice - www.moneyguideireland

    Thats cool. I just realised recently that they take into account all sources. Which includes credit unions etc. However when i totall all up thankfully it comes no where near.


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