Author Topic: Earned Income Tax Credit  (Read 2623 times)

Offline Rat Catcher

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Earned Income Tax Credit
« on: September 11, 2017, 10:25:57 am »
Make sure you claim it. If you use ROS or submit a paper return you must tick the box, it's not pre-filled. If you use an accountant make sure it's shown on your self assessment letter.

Rates (max):
2016: €550
2017: €950

john m

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Re: Earned Income Tax Credit
« Reply #1 on: September 11, 2017, 10:33:34 am »
My accountant would know that .

Offline Rat Catcher

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Re: Earned Income Tax Credit
« Reply #2 on: September 11, 2017, 10:40:54 am »
Never assume anything. I've helped a few men get rebates in cases where their accountants neglected to claim all the allowances they were entitled to, the most common unclaimed allowance in my experience is the single parent allowance. Your accountant gives you a report, it'll only take a minute to flick to the back and check that appropriate allowances are included in the form 11 summary which now forms part of the new self assessment letter.

The Liffey Lip

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Re: Earned Income Tax Credit
« Reply #3 on: September 11, 2017, 11:13:33 am »
Good to be forewarned.

Offline Rat Catcher

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Re: Earned Income Tax Credit
« Reply #4 on: September 11, 2017, 11:45:14 am »
That time of year again... easy enough to overlook if you use ROS as you're most likely accustomed to overwriting last year's entries hence ignoring bits that you didn't complete last year.

We should also note that we suggested removing the PAYE credit from double jobbers during Ms. Doyle's regulatory review of our trade. The Earned Income Tax Credit goes some way to satisfying that suggestion insofar as PAYE credit + Earned Income credit cannot exceed the amount of PAYE credit applicable for the year. In other words, most double jobbers won't benefit from the Earned Income credit.

john m

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Re: Earned Income Tax Credit
« Reply #5 on: September 11, 2017, 11:56:52 am »
My accountant would know that .

 


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