If there was money sitting in a bank account that was rightfully yours, you would be first in the queue to claim it, right? Well, there is a good chance that you have money sitting with Revenue and your health insurance provider. So it’s time to sit up, get the forms out and increase your incomings.
Self-Employed
Tax Relief
It’s the start of the year so many farmers are pulling out their income tax return forms or working with their IFAC accountants. Be aware that you can claim for a lot of tax relief. Tax relief can be claimed in regards to family wages (which includes your spouse, children, parents and parents-in-law), stock relief and leasing. There is also young trained farmer stock relief and farm profits averaging. If you’ve added or extended farm buildings, there is also the possibility of reclaiming VAT in relation to these.
While many farmers will be working with their accountant who will oversee these tax reliefs, others may be tackling the books on their own. Make sure you’re claiming for everything that you are entitled to.
PAYE Tax Credits
If you’re not a self-employed farmer then you may not have an experienced accountant to help you with your finances. So PAYE workers, it’s up to you to see how much tax you’ve paid last year and, more importantly, if you’re owed any tax back. Log onto the Revenue’s PAYE anytime service on their website (www.revenue.ie) and register your details.
To find out what you’ve paid in tax for previous years, 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. However, be aware that if you owe tax, this will then be deducted from your future net pay in the form of reduced tax credits.
Health / Medical
Expenses Relief
How much did you spend on medical expenses over the last four years? Did you know you can claim for expenses paid on the prevention, diagnosis, alleviation or treatment of an ailment, injury, defect or a disability, as well as care received during pregnancy?
You can also claim for costs associated with approved speech and language therapists, educational psychologists and nursing care. Owners of guide dogs can also claim an expense of €825. Parents who have a child with a life-threatening illness or permanent disability can also claim for phone, transport and overnight accommodation costs. This is claimed at the standard rate of tax (20%). For example, if you spent €2,000 on your medical expenses in 2013, you will receive €400.
Needless to say, if some of these costs have been covered by your medical insurance, you cannot be reimbursed. Fill out a Form MED 1 on www.revenue.ie or contact your regional LoCall number.
Medical Insurance
Premiums
We spend so much time considering the right insurance policy (and rightfully so with the news that VHI premiums are increasing again by 3%). The insurance companies may be willing to take more money from you, but are you claiming back for everything you paid out last year?
For example, some VHI policies let you claim up to €40 back from a GP visit. Remember these receipts have to be submitted as early as three months after your subscription year, so don’t delay.
Also, did you know that if you pay health insurance you are also entitled to tax relief? If you have a personal health insurance policy, 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.
Checklist
Make sure to go through our checklist in case there is something related to your individual circumstances that you can claim for.
• Age credit.• Blind credit.• Dependent relative credit.• Guide dog allowance.• Home carer credit.• Incapacitated child.• Incapacitated individual carer.• Long-term unemployed/job assist.• Single person child carer credit.• One parent family credit.• PAYE credit.• Personal tax credits. • Rent credit.• Seafarer’s credit.• Service charges.• Taxation of married couples and civil partners.• Widow/widower’s credit. CLemail scam
Beware of the Revenue email scam
The Revenue will never request your bank account details in an email, so don’t fall for a scam.
A scam to help you claim your tax back has been landing in email boxes across the country and we’re urging readers not to fall into this trap. As the email comes from what looks like a Revenue address, many may perceive it to be genuine. However, these scammers could do serious damage to your finances as the email requests information about your bank details, thus, giving them the access they need to hack into your account.
These phishing emails are headed ‘Notice of Tax Return’ or ‘Tax Return for year 2013’ and detail the amount you are owed. In some emails, this amount is €381.91.
Be aware that this is a scam and the Revenue will never request people’s personal information via email. If you’ve received this email, delete it immediately. But if you’ve been a victim of this scam, be sure to contact you bank straight away.
This spam isn’t generated from the Revenue website though, so it has in no way affected their systems or security.
If there was money sitting in a bank account that was rightfully yours, you would be first in the queue to claim it, right? Well, there is a good chance that you have money sitting with Revenue and your health insurance provider. So it’s time to sit up, get the forms out and increase your incomings.
Self-Employed
Tax Relief
It’s the start of the year so many farmers are pulling out their income tax return forms or working with their IFAC accountants. Be aware that you can claim for a lot of tax relief. Tax relief can be claimed in regards to family wages (which includes your spouse, children, parents and parents-in-law), stock relief and leasing. There is also young trained farmer stock relief and farm profits averaging. If you’ve added or extended farm buildings, there is also the possibility of reclaiming VAT in relation to these.
While many farmers will be working with their accountant who will oversee these tax reliefs, others may be tackling the books on their own. Make sure you’re claiming for everything that you are entitled to.
PAYE Tax Credits
If you’re not a self-employed farmer then you may not have an experienced accountant to help you with your finances. So PAYE workers, it’s up to you to see how much tax you’ve paid last year and, more importantly, if you’re owed any tax back. Log onto the Revenue’s PAYE anytime service on their website (www.revenue.ie) and register your details.
To find out what you’ve paid in tax for previous years, 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. However, be aware that if you owe tax, this will then be deducted from your future net pay in the form of reduced tax credits.
Health / Medical
Expenses Relief
How much did you spend on medical expenses over the last four years? Did you know you can claim for expenses paid on the prevention, diagnosis, alleviation or treatment of an ailment, injury, defect or a disability, as well as care received during pregnancy?
You can also claim for costs associated with approved speech and language therapists, educational psychologists and nursing care. Owners of guide dogs can also claim an expense of €825. Parents who have a child with a life-threatening illness or permanent disability can also claim for phone, transport and overnight accommodation costs. This is claimed at the standard rate of tax (20%). For example, if you spent €2,000 on your medical expenses in 2013, you will receive €400.
Needless to say, if some of these costs have been covered by your medical insurance, you cannot be reimbursed. Fill out a Form MED 1 on www.revenue.ie or contact your regional LoCall number.
Medical Insurance
Premiums
We spend so much time considering the right insurance policy (and rightfully so with the news that VHI premiums are increasing again by 3%). The insurance companies may be willing to take more money from you, but are you claiming back for everything you paid out last year?
For example, some VHI policies let you claim up to €40 back from a GP visit. Remember these receipts have to be submitted as early as three months after your subscription year, so don’t delay.
Also, did you know that if you pay health insurance you are also entitled to tax relief? If you have a personal health insurance policy, 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.
Checklist
Make sure to go through our checklist in case there is something related to your individual circumstances that you can claim for.
• Age credit.• Blind credit.• Dependent relative credit.• Guide dog allowance.• Home carer credit.• Incapacitated child.• Incapacitated individual carer.• Long-term unemployed/job assist.• Single person child carer credit.• One parent family credit.• PAYE credit.• Personal tax credits. • Rent credit.• Seafarer’s credit.• Service charges.• Taxation of married couples and civil partners.• Widow/widower’s credit. CLemail scam
Beware of the Revenue email scam
The Revenue will never request your bank account details in an email, so don’t fall for a scam.
A scam to help you claim your tax back has been landing in email boxes across the country and we’re urging readers not to fall into this trap. As the email comes from what looks like a Revenue address, many may perceive it to be genuine. However, these scammers could do serious damage to your finances as the email requests information about your bank details, thus, giving them the access they need to hack into your account.
These phishing emails are headed ‘Notice of Tax Return’ or ‘Tax Return for year 2013’ and detail the amount you are owed. In some emails, this amount is €381.91.
Be aware that this is a scam and the Revenue will never request people’s personal information via email. If you’ve received this email, delete it immediately. But if you’ve been a victim of this scam, be sure to contact you bank straight away.
This spam isn’t generated from the Revenue website though, so it has in no way affected their systems or security.
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