GET YOUR INCOME TAX REFUND HERE!
The Revenue owes around 70% of PAYE workers hundreds of millions of euro and would like to pay up but very few individuals ever come forward to claim it, according to The Sunday Business Post.
Only 5% of PAYE workers bother to file an annual tax return, swelling the state’s coffers as a result. Tax credits are available on such little-known items as:
- Pension contributions paid through your bank account but not deducted from salary
- Income protection policy premiums paid by yourself
- Pension term insurance premiums
If you’re self-employed, an employee who is not a member of a pension scheme or an employee whose only pension is in the form of a PRSA, taking out a form of life insurance known as a pension term insurance policy would qualify in full for tax relief on payments at your higher marginal rate of tax.
Other PAYE reliefs often missed include employee PRSI refunds after tax relief on your pension contributions or pension term insurance premiums.
It is also very worthwhile to revisit any health expenses you might have incurred over the past few years. Even if you have already claimed through a private insurance provider, any excess not covered could be eligible for tax relief.
If you have a mortgage, you should also be aware of the interest reliefs available for the upkeep and repair of your main residence. This applies only if the interest on your mortgage hasn’t already exceeded the relevant upper limits for tax relief.
Here at Noone Casey we review your personal affairs to assess your potential income tax refunds. Contact us to carry out such a review.
When it comes to awareness of your entitlement, ignorance is certainly not bliss.