Guide to P60 Certificate & Claiming Tax Back:
Every January, you are issued a P60 certificate from your employer. Many of us take a glance at this and then file it away, maybe never to see it again. If you are one of these people, you may have missed out on years of unclaimed tax back!
To ensure you get your money back, our tax experts have explained exactly what a P60 is, and how to use your P60 to claim tax back.
What is a P60?
All PAYE employees receive a P60 ‘End of Year Certificate’ from their employer. Your P60 certificate outlines the details of an employees’ total pay and the PAYE, PRSI, USC and LPT (Local Property Tax) that was deducted by your employer during the tax year.
You will need your P60 in order to get tax back, apply for a loan or mortgage, or for any queries relating to your pay or tax for previous years.
One of the most important things to understand about your P60 is that it is not a Revenue assessment of your position and does not indicate your final tax liability for the year. It is simply a summary of tax deducted by your employer.
No need to worry if you aren’t up for calculating your final tax liability, our tax experts can review your P60 and determine your final tax liability or if you are due a rebate.
When will my P60 certificate be issued?
Your P60 should be issued between 1 January – 15 February each year. Your employer is required to give you a P60 within 6 weeks of each tax year. If you do not receive your P60 from your employer, reach out to your local revenue office.
Currently, only an employer can issue a P60 form; however, you can still reach out to Revenue as they have details of the pay and tax for the year as returned by your employer.
Starting in 2019, P60 certificates will no longer be issued by your employer, as part of PAYE modernisation. Your end of the year statement will be issued by Revenue. (2018 is the final year that you will be issued a P60 from your employer).
What does ‘Tax Credit’ mean on my P60?
The amount of tax that is deducted from your wages or salary is based on the Tax Credit Certificate issued to your employer by the Revenue Commissioners. Tax Credit Certificates are calculated based on the information Revenue has on your personal circumstances (i.e. single parent, married, home carer etc.).
It’s important to ensure you regularly update Revenue about your personal circumstances – otherwise you may miss out on the tax credits available to you. No need to stress if you haven’t claimed a tax credit for the past year as some may be claimed after the year ends, resulting in a tax refund.
How do I get my money back?
Many people could be due a tax rebate if:
- They have overpaid their tax throughout the year (even if their P60 certification is indicating otherwise!).
- They are unaware of the tax credits available to them, and not availing of them.
Because of these reasons, so many people miss out on claiming money back. You can apply for a tax rebate for up to 4 years, so if you have never claimed your money back you could be due a large rebate!
How do I know if I am due a tax rebate?
Determining what tax credits are available for you and if you are eligible to claim money back on overpaid tax can be overwhelming. Using a Tax Agent ensures you won’t miss out on any of the money you are owed.
Our experts at Irish Tax Rebates have over 20 years’ experience to help you get your money back. Even if you don’t receive a rebate, our policy is no rebate, no fee.To get started, simply fill out our 60-second application form and we’ll do the rest!
Have you overpaid tax?
Fill out our 60-second application form
Terms and Conditions
1. Authorisation to act as agent
I, the undersigned, declare to the Revenue Commissioners of Ireland, that I authorise Irish Tax Rebates to act as my agent with regard to all aspects
of my income tax.
I understand that this agreement will remain in place until such time as either party, the client or the agent, has notified the Revenue Commissioners of Ireland in writing of their wish to cancel this agreement.
2. Authorisation for Agent to receive refunds on behalf of client
I authorise the transfer of any refund or repayment of PAYE/Income Levy/Universal Social Charge due to me by the Revenue Commissioners by electronic funds transfer to the following bank account which is held by Irish Tax Rebates:
BIC Code: AIBKIE2D
IBAN Number: IE55AIBK93336808365254
Name of Account Holder: MB Tax Refunds Clients Account
I understand that any refund made by the Revenue Commissioners to my agent, Irish Tax Rebates, on my behalf is refunded in a similar manner as if same were being refunded directly to me and that once the refund is transferred into the bank account nominated by me I have no further call upon the Revenue Commissioners in respect of same. I understand that Irish Tax Rebates is acting as my agent and is solely responsible to me in respect of any refund received by them on my behalf. I further understand that my agent Irish Tax Rebates is an independent entity and that the Revenue Commissioners make no endorsement of my agent or any such agency and cannot accept any responsibility whatsoever for problems encountered by me in dealing with them. I understand and agree that Irish Tax Rebates will input its own bank account details on the Revenue record for the duration of this mandate and will remove these details on the cessation of the mandate. I confirm that I am aware of, and agree to, the payment of the fees charged by Irish Tax Rebates in respect of the services carried out on my behalf and that this fee will be deducted from any amount refunded by Revenue and that the balance of this amount will be paid to me.
3. Terms and Conditions of Authorisation
I understand that Tax law provides for both civil penalties and criminal sanctions for the failure to make a return, the making of a false return, facilitating the making of a false return, or claiming tax credits, allowances or reliefs which are not due. I confirm that I will provide the necessary documentation to Irish Tax Rebates to support any refund, credit claims or claims for allowances and reliefs made to Revenue on my behalf of Irish Tax Rebates. I confirm that I will provide details of all my sources of income to Irish Tax Rebates. I understand thatIrish Tax Rebates is required to retain a copy of all documentation relating to any refund or credit or allowance or relief claimed by the agent on my behalf and that the agent will be required to produce same to Revenue upon request.