Irish PAYE workers are commonly missing out on a tax refund as they have not fully claimed all the tax credits and reliefs that are available to them. Simply take a look at the top 5 most common tax credits and reliefs that people are missing out on and see if you are one of them! Our team of qualified accountants claim these for our clients on a daily basis.
- Medical and Non-Routine Dental Expenses:
Tax relief can be claimed on a vast list of medical expenses, and these would qualify for tax relief at 20%. Here are a few of the most common items that we come across and a more exhaustive list can be found by clicking here!
- Doctor and consultant fees
- Prescription costs
- Non-Routine dental expenses
- Physiotherapy
- Maternity Care
- Flat Rate Expenses
Flat rate expenses are available to employees as a tax relief. Depending on the rate of tax paid in a year, relief can be available at either 40% or 20%. Flat rate expenses can be claimed for each year that you worked in certain occupations. This relief relates to employees who must purchase uniforms, tools, equipment etc in line with their occupation. We will go thought some of the most common examples below and more detailed list can be found by clicking here!
- Shop assistants including supermarket staff and general shop workers.
- Health care workers including Nurses, doctors, nursing assistants and social care workers
- Construction staff including bricklayers, electricians, carpenters, tilers, and roofers
- Engineers and electrical engineers
- Teachers, college lectures and guidance counsellors
- Pension Contributions
If you make monthly or annual payments into a private pension scheme, then these payments could qualify for tax relief at the rate of 40%. Payments to a pension scheme that are directly taken through your payslip would not qualify as the tax relief would be given through the payroll system.
- Married, Single Parents and Home carers
How you are taxed on your income is based on your marital status. Additional credits can be claimed based on your marital status.
Married couples can share their tax credits and bands between themselves in order to minimise their tax liability for the year. Any unused credits or bands can be used by the other partner and a tax refund can be claimed.
Single Parents can claim an additional tax credit for each of the years which can be worth up to €2,450 per year.
Married couples who have one parent at home minding the child while the other parent works could qualify for an additional tax credit for their child. There are a few rules to this credit which can be found by clicking here!
- Multiple jobs / Emergency tax
When people work two or more jobs, their tax credits and bands might not be split between the occupations correctly. We find that too much of your tax credits or tax band might be applied to one employment over another employment. Any overpayment of tax can be claimed back at the end of the tax year. People also find themselves in the situation where they started a new employment and were put on emergency tax for a temporary basis. Again, this overpaid tax can be claimed back either when you cease employments during a tax year or at the end of the tax year.
How to claim your tax refund
If you have any questions on the above or if you just need help claiming YourMoneyBack, simply contact us today. Our team of Chartered Accountants will be happy to answer any of your questions. With our expertise we will ensure that you claim the maximum tax refund available, and our fees are the lowest in Ireland. Plus, if you are not due a tax refund then there is no charge. Simply complete our registration form at www.yourmoneyback.ie and we do the rest. Don’t miss your chance for a tax refund and Apply Today for YourMoneyBack!
