2011 Tax Bill – reduction in credits

Just a note when you get around to having your 2011 annual return completed……

Expect your tax bill to increase by €180.00 for the drop in personal credits.

If your jointly assesssed this will be doubled and if your spouse has PAYE income this will be trebled.

Thats a possible increase in your 2010 tax bill of €540.00

As well as this the tax bands have been reduced by 10% in 2011 to mean further pain !

HINT -  get your accounts done early this year and plan your cash flow better to meet your October tax bill.