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The Last Word With Matt Cooper

Are You Missing Out On A Tax Refund?

Thousands of taxpayers in Ireland are entitled to tax refunds from Revenue on a whole range of expen...
TodayFM
TodayFM

5:24 PM - 26 Sep 2018



The Last Word With Matt Cooper

Are You Missing Out On A Tax Refund?

TodayFM
TodayFM

5:24 PM - 26 Sep 2018

Listen to this episode



Thousands of taxpayers in Ireland are entitled to tax refunds from Revenue on a whole range of expenses, but either forget or don't know how to go about claiming them back.

Charlie Weston, personal finance editor with the Irish Independent, joined Matt Cooper to look at some of the most common ones.

Medical expenses

Relief at 20% can be claimed on most unreimbursed expenses (those not already covered by health insurance) and on qualifying, non-routine dental expenses.

Home carer tax credit

Many people wrongly believe this credit is only for those caring for elderly or disabled people. In fact, it can be claimed by any stay-at-home spouse minding their own children, as long as they don't earn more than €7,200 per annum.

Tution fees

If you have more than one child at third-level, you can get money back on the fees. Tax relief is granted at 20% on any expenditure over €3,000. You can claim on annual fees up to €7,000 per course, which can be full or part-time in a qualifying college.

Overpayments

If you were on emergency tax, or changed jobs or country during the past four years, you may be entitled to a refund. You should contact Revenue directly, rather than waiting for your employer to do so.

Flat-rate expenses

These are reimbursed to anyone who "wholly, exclusively and necessarily in the performance of their duties" had to buy special clothing, protective garments or equipment for their job.

Elder care

If you have hired a private firm to help care for a relative at home, Revenue offers tax relief at the marginal rate to the person paying the bill, either at 20% or 40% up to €75,000 a year.

Health insurance

You're allowed up to €200 a year if you pay the insurance yourself.

Pensions

An employer may make the deduction for you on salary-based contributions, but if you're making additional voluntary contributions, make sure you're getting full relief on them. It's allowed at the marginal rate.

Age tax credit

You're allowed an extra €245 in credits when you turn 65 (€490 for a couple). It should be automatically applied, but may not be, so let Revenue know.

To catch the full chat press the play button on the image on the top of the screen


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