As Christmas & New Years approaches, be sure to check your tax credit list twice
Tax reliefs, allowable expenses and tax credits could save you hundreds and in some cases even thousands. But time is running out for the 2014 tax period as the revenue allows a look-back of just 4 years and once the calendar hits 1st January 2019, the full tax year 2014 will become out of scope for refunds.
The revenue website is a great resource, and has a complete list of tax credits available – see here. You can use this link as a checklist to identify any tax credits which might apply to you, and then you can check if you have claimed the relevant credit for tax periods 2014, 2015, 2016 & 2017 in order to determine if you are due a refund.
A very common relief where people can find additional refunds due is health expense relief. The revenue allows relief for a wide range of medical expenses, non-routine dental expenses and health insurance payments. Examples of qualifying expenses can be seen on the revenue website here.
The revenue also allows a flat rate expense allowance for certain employments for example Doctors, Dentists, Tradesmen, Hotel Staff, Journalists, Nurses, Physiotherapists, Teachers and many more. This flat rate allowance is drawing to an end and is expected to be phased out by January 2020 (it has made headlines in the news recently given that it will affect approximately 80,000 employees in Ireland!). However, for now, it can still be claimed, and what’s more, if you have not claimed for the last 4 years you may be entitled to a refund. Note that the flat rate expense allowance only applies to PAYE workers. The revenue has a detailed publication listing the allowable expense by employment here.
See our guide to Form 11 tax return as well. Contact SCK Group if you believe you are due a tax refund or if you would like further guidance on this topic.