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INCOME TAX

Taxpayers are being advised to avail of the four-year window for claiming tax reliefs to make the likely cuts due in Tuesday’s Budget that bit easier to bear, The Sunday Business Post writes.

An executive at the online service taxback.com says annual take home pay could fall by an average of €1,500 – and this coming on top of other cutbacks already implemented.

The tax service estimates a married couple with both spouses earning €35,000 will pay almost €1,700 more tax in 2011. A married couple where one earns €100,000 and the other €30,000 will pay €2,260 more.

A single person earning €50,000 will earn €1,130 less and a single person earning €60,000 and contributing €9,000 to a pension will be €1,850 worse off, according to taxback.com.

“Many reliefs can be granted up to four years after the tax year in which they were paid, so we are advising that people look back over the last four years and assess and claim any tax rebates they are due,” said Christine Kelly, senior tax specialist with the service.

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