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PAYE refund?

  • 20-12-2018 11:59am
    #1
    Shelga
    Registered Users, Registered Users 2 Posts: 3,016 ✭✭✭


    Hi, I'm fairly sure I've overpaid PAYE for this year, but just wondering would this only be calculated once the tax year is over?

    Revenue don't work it out for you as you go along?

    My company was liquidated in July- I was then out of work for 3.5 months, until starting a new job in mid-November. I'm still paying standard PAYE, even though I should owe significantly less due to those months out of work.

    Do I just fill in the form 12 once the tax year is over? Thanks for any answers!


Comments

  • #2
    rd1izb7lvpuksx
    Closed Accounts Posts: 260 ✭✭rd1izb7lvpuksx


    I'm sorry to hear about your company.

    Whether you over paid or not depends on whether you were taxed on a cumulative basis or a month 1/week 1 basis. Once the year is over, you can submit a Form 12 (if you need to) or request a P21 End of Year Statement. If you've over paid, you'll receive a refund.

    From January, all this is going away with PAYE modernisation, and you'll be able to see all your tax payments and credits in real time.


  • #3
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,089 ✭✭✭✭Mrs OBumble


    Bear in mind that if you were on JSB, it is taxable but not deducted at source. So it reduces your unused credits.


  • #4
    Shelga
    Registered Users, Registered Users 2 Posts: 3,016 ✭✭✭Shelga


    Kye Thankful Camera wrote: »
    I'm sorry to hear about your company.

    Whether you over paid or not depends on whether you were taxed on a cumulative basis or a month 1/week 1 basis. Once the year is over, you can submit a Form 12 (if you need to) or request a P21 End of Year Statement. If you've over paid, you'll receive a refund.

    From January, all this is going away with PAYE modernisation, and you'll be able to see all your tax payments and credits in real time.

    I think I'm taxed on a cumulative basis- what would this mean? I assumed it meant that when I started my new job I'd be paying way less tax as they would see how much I've paid since Jan 1st, but this doesn't seem to be the case.

    *Edit* just checked my new payslips, I'm being taxed on a week 1 basis for this new job. So I guess just fill in form 12 in the new year?


  • #5
    rd1izb7lvpuksx
    Closed Accounts Posts: 260 ✭✭rd1izb7lvpuksx


    Shelga wrote: »
    I think I'm taxed on a cumulative basis- what would this mean? I assumed it meant that when I started my new job I'd be paying way less tax as they would see how much I've paid since Jan 1st, but this doesn't seem to be the case.

    *Edit* just checked my new payslips, I'm being taxed on a week 1 basis for this new job. So I guess just fill in form 12 in the new year?

    Week 1/Month 1 basis means you're only using 1/52nd or 1/12th of your tax credits each week/month, so you have likely overpaid. You only need to file a Form 12 if you have non-PAYE income (or have to file a tax return for some other reason). Otherwise, you can just request a P21 through the online portal.


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