You may be one of 140,000 to receive a nasty surprise in your first payslip of the new year 2011.
The recent changes in tax from Budget 2011 will mean that many will see a tax charge on your payslip in January 2011 for the 1st time. All down to the reduction in Tax Credits pushed through in Decembers Budget.
If you are a low paid worker, you will also find the Universal Social Charge on your payslip. This charge affects those earning less than €26,000 harder than the old Health Levy / Income Levy combo.
But if you have not being paying tax before and are required to do so now, you may not have had the right tax credits in the past. Why not check to see if you are due additional tax credits and a tax refund of overpaid tax when you get your 2010 P60 this month.
Getting your taxes right isn’t always about claiming tax back, but also about getting it right in the first place. Which is probably not a bad place to start in 2011.