Taxpayers have less 1 month to claim 2011 tax back
Bin charges from 2011 can still be claimed but you only have less than a month to do so as this is the last year you can claim that tax relief.
As we approach the December 31st deadline, beyond which you cannot tax relief on any other expenses you incurred in 2011, you can also claim for medical expenses, tuition fees and rent credit.
Taxback.com say the average PAYE worker tax refund is €840 – which begs the question – why, if you are entitled to it, would you leave it behind?”
Obviously you have to wait until after Dec 31st 2015 to claim any tax refunds for this year (unless you are leaving the country permanently). But you can retrospectively look at your entitlements from 2011, 2012, 2013 and 2014.
Taxback.com say 3 main reliefs have been changed in the last few years – but can still be claimed for:
· For medical expenses relief at 20% is still available and can be claimed on most unreimbursed medical expenses incurred and on qualifying non-routine dental expenses.
· The tax credit for tuition fees is still available. For 2011, the relief does not apply to the first €2,000 of qualifying fees paid. Similarly, for part time courses the first €1,000 is disregarded in respect of each claim. These amounts were increased to €2,750 and €1,375 respectively for 2014/2015. The maximum limit on qualifying fees remains capped at €7,000 so the maximum credit available has been effectively reduced from €1,000 to €850.
· The rent credit has been reduced to €160 for a single person in the year 2014 (€320 for married persons) and the tax credit is set to be phased out by the end of 2017. However, taxpayers still have an opportunity to claim the rent credit back to 2010 (for 2011 and subsequent years the relief will only apply if you were in rented accommodation on 07/12/2010) and should take advantage of this.
According to Taxback.com, overpaid tax is also an area which results in many people receiving much welcomed refunds from the Revenue.
This can occur inadvertently – especially if you have changed employment during the year. Individuals should look back on their income levy and USC payments to ensure that they have not overpaid such payments in prior years and should claim a refund before it’s too late”.
Other tax reliefs and incentives which have remained available are:
· Rent a room relief
· Flat rate expenses for certain trades and professions
· Exemption on income earned from caring for children in your own home
· Employment and Investment incentive (EII) scheme
· Capital losses are still allowable