Tax credits make up the monetary amount that is taken off your Gross Tax Liability every pay period and works under the PAYE system.
Tax Credits are always provided to you as ANNUAL amounts and therefore must be divided by the pay frequency that you are paid at, i.e., if paid monthly, divide total figure by 12, fortnightly by 26, weekly by 52, 4-weekly by 13 and bi-monthly by 24.
Tax Credits will vary by individual depending on your personal circumstances, e.g., Single or Married, with or without children, etc.
You may also receive extra Tax Credits for special items, e.g., Service Charges, Home Carer’s Allowances, etc Individuals have to notify Revenue if they think that they are eligible to receive them. THEY ARE NOT APPLIED AUTOMATICALLY.
A full list of Tax Credits is available at HERE and more information is also available at this page
(Source: Revenue & Citizens Information)
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The Team at Jefferson
