Did you know that you have four years to claim tax refunds? Thousands of PAYE workers fail to take advantage of tax breaks available to them annually.
Three of the most common areas where PAYE workers fail to claim tax relief are bin charges, medical expenses, and trade union subscriptions. 2008 is the last year that you can claim relief on medical expenses on the higher rate of tax. It may be worthwhile gathering all your receipts together for 2008 and claiming that relief. Relief is given on qualifying medical expenses such as doctors, consultants, non routine dental care, prescription drugs, and some therapy services.
Other areas that you may be failing to claim relief include college fees – tax relief at 20 per cent is available on some academic tuition fees; bin charges – relief is given at 20 per cent up to a maximum €400; old age credit – single or widowed individuals over 65 are entitled to a tax credit of €325, married couples get €650; rent relief – relief at 20 per cent is available up to a limit of €2,000 a year for a single person under the age of 55. This amount doubles for a married couple or widowed people; home carer credit – the home carer credit may be claimed by a married couple where one spouse cares for one or more dependent person. This amounts to €900 per annum. The tax credit may still be claimed if the home carer has some income as long as the income does not exceed €5,080. A proportion of relief is given where the income is between €5,080 and €7,000.
If you think any of these reliefs apply to you and you are not claiming them, why not call Premier Accounting on 094 902 7300. Claire will calculate your tax to see if you are entitled to a refund. No refund no fee, so you have nothing to lose and may have plenty to gain.