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Claiming tax back
What sort of cash can you get from the taxman?
We could all do with an extra injection of cash now and then. Yet, few of us ever think of our taxes and how we could claim some of our paid tax back. We are put off applying for our taxes back because we think it will be really be difficult and complicated. It’s really not though and it’s worth doing the form filling, so that we can get back the money we are entitled to.
Here is our simple guide to tax relief:
What is tax relief?
Tax relief is a way of getting back money that the government owes you. Normally, we all pay tax on certain things such as childcare services, bin charges and health fees. However, many of these qualify for tax relief, which means that you are entitled to some tax back for each of these. Basically, tax relief is like an allowance that is not taxed.
What are tax credits?
According to revenue.ie, tax credits are: “are used to reduce the tax calculated on your gross pay”.
What tax credits are there?
There are lots of tax credits around, but the following may be particularly applicable to young people:
- Rent a room relief – If you are lucky enough to own a house or flat and you rent a room to someone in it; the rental income may qualify for tax relief. So, this way you get to earn some extras dosh via rent without paying tax on it. Click here for a rent a room relief form.
- Private rented accommodation relief – If you rent a place you may be entitled to some tax back on the rent. Click here for a form.
- Home carer’s tax relief –If you are a carer for someone, you may be entitled to tax credits.
- Health/Medical expenses tax relief – All citizens are entitled to tax relief on certain medical procedures, as well as doctor and dental visits. You can’t claim for medical expenses you have already filed with private insurers such as VHI, BUPA though. Click here for the MED1 form.
- Tuition fees tax relief– If you are studying in Ireland, you are entitled to tax credits on your tuition fees.
- Bin charges – If you pay a bin fee to your local authority or rubbish collection company, you are entitled to tax relief on the amount paid.
Further Information:
Tax credits
Tax relief
