Red Oak Tax Refunds Blog

Latest News on Income Tax, Tax Refunds and money matters in Ireland

10 things you should know about your 2009 P60

Posted on | January 18, 2010 | No Comments

P60 2009

P60 2009

Welcome to 2010, your post will now start to bristle with all that 2009 summary post. Here, we’ll go through the main document you will receive around now and what it’s for.

2009 P60

Probably the most important and most talked about bit of post you will receive this time of year is your P60. Here are 8 things you should know about your P60:

  1. Your P60 is your summary of your Pay and Income Tax for that year.
  2. It will have all your pay from your current employer, but will also show the pay and tax from previous jobs if you gave a copy of your P60 to your current employer.
  3. Details of PRSI paid (including Health levy) by you and the employer is on the left hand side.
  4. In the PRSI section, they also include number of weeks contribution – this is very important from a social welfare point of view as it can affect your entitlements
  5. It does not show the Income Levy you have paid.  For this you should get a separate Income Levy Certificate from your employer.
  6. Your P60 is prepared and given to you by your employer.  They will also declare it to the Revenue Commissioners, but you should still make sure you hold on to your copy!
  7. If you are not working at the end of the year, you will not receive a P60 ( no employer), but the P45 you received from your last employer holds the same information.  The main difference between a P60 and a P45 is that a P60 is given by the employer you are with at the end of the year, while a P45 is given by an employer you left during the year.
  8. P60’s are also issued by pension funds for the income you receive from a non state pension.
  9. The amount of Tax credits and tax bands given to you is shown at the top.  Can you figure out what’s included here?  It should agree to the latest tax credits cert you received in that year.
  10. The amount of Tax Credits used is given to your employer by Revenue.  This does not mean it’s correct and it is often out of date – we will of course check this for you.  If this is wrong, then you are likely due a refund!
Share and Enjoy:
  • Print this article!
  • Digg
  • del.icio.us
  • Facebook
  • Google Bookmarks
  • MySpace
  • Twitter
  • LinkedIn
Category: Health Levy, Income Levy, PRSI, Paye Tax, Tax Refunds

Comments

Leave a Reply





red_oak

About

Welcome to the Red Oak Tax Refund Blog, where we will discuss money matters, tax and in particular tax refunds relating to PAYE employment in Ireland. If you have any topics you would like discussed, send us a mail to refunds@redoaktaxrefunds.ie and happy reading!.

Talk to us now!

Social Media



Search

Admin