Sitting down to sort out your taxes is a job that everyone dreads. However, an hour or two of work could inject a few hundred euros into your bank account. So what can you claim for and how much could you get? We detail some of the areas that you should be looking into.
1. Personal Tax Credits
It’s a busy time of year for IFAC accountants, with self-employed farmers sending in their annual tax returns. As all your incomings and outgoings are calculated, as a farmer you do not have to claim individual tax credits because your accountant should do that for you.
If you are a PAYE worker, however, it’s worth finding out exactly how much tax you paid in 2014. You can do this by registering your details and setting up an account on the Revenue’s PAYE Anytime service (www.revenue.ie). To make this job a bit easier, it is worth assembling all the relevant information needed.
Once you’ve set up your account, you can review your own tax affairs for the last four years and claim some additional tax credits if they are due for the current year. To find out what you’ve paid in tax for previous years, simply request a balancing statement called a P21. Remember there is a four-year limit for requesting a balancing statement.
If you are due a refund of tax it is generally sent out quickly and efficiently. If, however, you owe tax, this may be deducted from your future net pay in the form of reduced tax credits.
How much could I get?
This is completely dependent on your tax credits. These vary depending on your marital status, whether you are widowed or have a dependent relative – to name but a few variables.
How to apply?
Log onto www.revenue.ie or contact your local Revenue office on the LoCall numbers listed below.
2. Medical Insurance Premiums
Did you know that if you pay health insurance you are also entitled to tax relief? If you have a personal health insurance policy with, eg VHI, Laya, Aviva or GloHealth, this is granted at source at a rate of 20%.
This means you don’t need to worry about it as it has already been deducted for you.
However, if your medical insurance premium is paid on your behalf by your employer as a benefit-in-kind, then you need to notify your local Revenue office. It is only then that you will receive your tax relief in the form of tax credits.
Claim on your health insurance policy
If you’ve got a health insurance policy it’s also time to start reviewing what you can claim for. This amount depends on your insurance company and policy. However, for example, some VHI policies let you claim up to €40 back for a GP visit. So make sure to contact your insurance company for a claim form. Often you will have to make a claim within three months of your policy year, so this is a job that you can’t sit on for long.
3. Medical Expenses Relief
Many people know that they can claim for medical and dental expenses incurred, but you might be very surprised by how much you can claim for. As well as prescriptions and hospital stays, you can claim for ambulance trips, x-rays, speech and language therapy for children and even laser eye surgery. You can even claim if you had any of these procedures done in another EU country. You’re also entitled to claim for expenses that are incurred by you for family members, such as children and parents. Obviously, if you have claimed for some of these costs with your health insurance you won’t be reimbursed.
How much could I get?
Again, the amount you can claim for is dependent upon the amount of health expenses you incurred. This is claimed at the standard rate of tax (20%). For example, if you spent €2,000 on your medical expenses in 2014, you will receive €400 back.
How to apply?
Fill out a Form MED 1 on www.revenue.ie
4. Tuition Fees
Going to college gets more expensive with each passing year, so if you or your child has completed an undergraduate or postgraduate course you may be entitled to claim tax relief on the tuition fees you paid. You need to make sure that the course is approved and was completed in an approved college, but a huge range of courses are covered (detailed on www.revenue.ie).
How much could I get?
Relief is paid per academic year and again, it is dependent on how much you paid, although you do not get credits for registration fees paid. The maximum limit on qualifying fees for the academic year of 2013/2014 is €7,000 and you claim if you have completed the course in the last four years.
How to apply?
Complete an application form on www.revenue.ie
5. Home Renovation Incentive Scheme
One of the more recent items you can now claim back for is any renovation that you carried out in your house during 2014. This includes tax relief for any repair, renovation or improvement works, provided that you paid a minimum of €4,405 (before VAT). In order to qualify though, you must be local property tax and household charge compliant. Next year landlords will also be able to claim for works carried out this year.
How much could I get?
The tax relief is at a rate of 13.5%. So, for example, if you paid the minimum costs of €4,405 you would get a credit of €595. You can claim on works to a maximum of €30,000 (before VAT).
How to apply?
Apply on the HRI claim page on www.revenue.ie
What else can I claim for?
You’ll find a full list of reliefs and exemptions on www.revenue.ie. These include the following list, but it’s well worth checking out the full list in case it is relevant to your individual circumstance:
Leasing farm land.Childcare services relief.Loan interest relief.Lump sum payments for redundancy or retirement.Rent-a-room relief.Start-your-own-business relief.Tuition fees.Contact numbers
Border midlands west region: call 1890-777-425Dublin region: call 1890-333-425Southwest region: call 1890 222 425East and southeast region: call 1890 444 425
Sitting down to sort out your taxes is a job that everyone dreads. However, an hour or two of work could inject a few hundred euros into your bank account. So what can you claim for and how much could you get? We detail some of the areas that you should be looking into.
1. Personal Tax Credits
It’s a busy time of year for IFAC accountants, with self-employed farmers sending in their annual tax returns. As all your incomings and outgoings are calculated, as a farmer you do not have to claim individual tax credits because your accountant should do that for you.
If you are a PAYE worker, however, it’s worth finding out exactly how much tax you paid in 2014. You can do this by registering your details and setting up an account on the Revenue’s PAYE Anytime service (www.revenue.ie). To make this job a bit easier, it is worth assembling all the relevant information needed.
Once you’ve set up your account, you can review your own tax affairs for the last four years and claim some additional tax credits if they are due for the current year. To find out what you’ve paid in tax for previous years, simply request a balancing statement called a P21. Remember there is a four-year limit for requesting a balancing statement.
If you are due a refund of tax it is generally sent out quickly and efficiently. If, however, you owe tax, this may be deducted from your future net pay in the form of reduced tax credits.
How much could I get?
This is completely dependent on your tax credits. These vary depending on your marital status, whether you are widowed or have a dependent relative – to name but a few variables.
How to apply?
Log onto www.revenue.ie or contact your local Revenue office on the LoCall numbers listed below.
2. Medical Insurance Premiums
Did you know that if you pay health insurance you are also entitled to tax relief? If you have a personal health insurance policy with, eg VHI, Laya, Aviva or GloHealth, this is granted at source at a rate of 20%.
This means you don’t need to worry about it as it has already been deducted for you.
However, if your medical insurance premium is paid on your behalf by your employer as a benefit-in-kind, then you need to notify your local Revenue office. It is only then that you will receive your tax relief in the form of tax credits.
Claim on your health insurance policy
If you’ve got a health insurance policy it’s also time to start reviewing what you can claim for. This amount depends on your insurance company and policy. However, for example, some VHI policies let you claim up to €40 back for a GP visit. So make sure to contact your insurance company for a claim form. Often you will have to make a claim within three months of your policy year, so this is a job that you can’t sit on for long.
3. Medical Expenses Relief
Many people know that they can claim for medical and dental expenses incurred, but you might be very surprised by how much you can claim for. As well as prescriptions and hospital stays, you can claim for ambulance trips, x-rays, speech and language therapy for children and even laser eye surgery. You can even claim if you had any of these procedures done in another EU country. You’re also entitled to claim for expenses that are incurred by you for family members, such as children and parents. Obviously, if you have claimed for some of these costs with your health insurance you won’t be reimbursed.
How much could I get?
Again, the amount you can claim for is dependent upon the amount of health expenses you incurred. This is claimed at the standard rate of tax (20%). For example, if you spent €2,000 on your medical expenses in 2014, you will receive €400 back.
How to apply?
Fill out a Form MED 1 on www.revenue.ie
4. Tuition Fees
Going to college gets more expensive with each passing year, so if you or your child has completed an undergraduate or postgraduate course you may be entitled to claim tax relief on the tuition fees you paid. You need to make sure that the course is approved and was completed in an approved college, but a huge range of courses are covered (detailed on www.revenue.ie).
How much could I get?
Relief is paid per academic year and again, it is dependent on how much you paid, although you do not get credits for registration fees paid. The maximum limit on qualifying fees for the academic year of 2013/2014 is €7,000 and you claim if you have completed the course in the last four years.
How to apply?
Complete an application form on www.revenue.ie
5. Home Renovation Incentive Scheme
One of the more recent items you can now claim back for is any renovation that you carried out in your house during 2014. This includes tax relief for any repair, renovation or improvement works, provided that you paid a minimum of €4,405 (before VAT). In order to qualify though, you must be local property tax and household charge compliant. Next year landlords will also be able to claim for works carried out this year.
How much could I get?
The tax relief is at a rate of 13.5%. So, for example, if you paid the minimum costs of €4,405 you would get a credit of €595. You can claim on works to a maximum of €30,000 (before VAT).
How to apply?
Apply on the HRI claim page on www.revenue.ie
What else can I claim for?
You’ll find a full list of reliefs and exemptions on www.revenue.ie. These include the following list, but it’s well worth checking out the full list in case it is relevant to your individual circumstance:
Leasing farm land.Childcare services relief.Loan interest relief.Lump sum payments for redundancy or retirement.Rent-a-room relief.Start-your-own-business relief.Tuition fees.Contact numbers
Border midlands west region: call 1890-777-425Dublin region: call 1890-333-425Southwest region: call 1890 222 425East and southeast region: call 1890 444 425 
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