Irish PAYE Guide. Key Documents.. https://www.taxback.com/en/ireland/paye-tax-refunds
Under the PAYE system, there are a number of key tax documents you should understand to ensure you’re paying the right amount of tax!
A P60 is a form most PAYE employees will be familiar with. In short - your P60 is an end of year certificate which displays a summary of your annual pay and tax deductions.
A P45 is similar to a P60 and you’ll receive this if you leave employment during the tax year. It states your pay and the tax deducted in the year up to the point you left the role.
Your P45 will come in handy if you’re unemployed and want to claim a tax refund or social welfare benefits. If you change jobs you should give your P45 to your new employer to avoid paying emergency tax.
Your tax credit certificate (TCC) is also an important document as your employer uses it to calculate your monthly PAYE deductions. If your certificate has the wrong details you may end up paying too much or too little PAYE. If you think you’re paying too much or too little tax, you can request a new certificate from Revenue.
If you earn extra income through non-PAYE sources, there are two key forms to understand.
Simply put, if you earn more than €5000 a year, you’ll need to file a Form 11 tax return. And if you earn less than €5000, Form 12 is the correct option.
There are lots of tax forms but if you’d like to know which one is the right form for your circumstances, contact us at Taxback.com today!
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